Rental Rates

Renters are increasingly choosing to stay put rather than venture into the unknown, where elevated home prices and broader economic volatility await.

• Turnover Hits Historic Lows: Apartment turnover dropped to 30–35% in Q1 2025
• Renters Staying Put: Economic uncertainty, high interest rates, and homeownership barriers are causing renters to choose stability over moving.
• Reduced Supply Pipeline: New apartment deliveries declined 24% from Q4 2024 to Q1 2025, with a further 14% drop expected in 2025.
• Landlord Advantage: Lower turnover cuts operating costs and vacancies, while fewer move-outs give landlords stronger pricing power.
• Leasing Incentives Persist: New developments are still offering concessions (e.g., 2 months free rent) to compete with stabilized properties.

Courtesy of Neighborhood Ventures