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What do you guys consider a healthy rate of lease renewals each month?
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Topic: What do you guys consider a healthy rate of lease renewals each month?

Jennifer Sanine's Avatar Topic Author
Jennifer Sanine
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What do you guys consider a healthy rate of lease renewals each month? 30% of expiring leases renewing? 40% 60% 80%?
Posted 5 years 11 months ago
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Rebekah Rawlins's Avatar
Rebekah Rawlins
50% is eh, 60% is solid and 70%+ is Target!
Posted 5 years 11 months ago
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Kathleen Denison's Avatar
Kathleen Denison
Darilyn Williams.... you wanna chime in?
Posted 5 years 11 months ago
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Darilyn Williams's Avatar
Darilyn Williams
70% +
Posted 5 years 11 months ago
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Kathleen Denison's Avatar
Kathleen Denison
Every month!
Posted 5 years 11 months ago
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Jennifer Sanine's Avatar Topic Author
Jennifer Sanine
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I work in a community with high professional demographic and In a city with HUGE economic growth driving up home prices so most people leaving are going for job transfers or purchasing homes before they are priced out of the market. Any ideas on retention with those issues?
Posted 5 years 11 months ago
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Darilyn Williams's Avatar
Darilyn Williams
Jennifer Sanine have you thought about targeted renewal events? No increase if they sign a renewal on a certain day or certain timeframe? We send a “typical costs associated with moving” and “benefits of renting vs buying” letter with our renewal letters. They could save money and stay where they are at
Posted 5 years 11 months ago
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Jennifer Sanine's Avatar Topic Author
Jennifer Sanine
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Yes we totally do all of that except the no increase idea. The market is to hot to do that. But any ideas how to tackle notices because of a job transfer?
Posted 5 years 11 months ago
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Jane Nicholson-Gates's Avatar
Jane Nicholson-Gates
50% at least...70% fabulous
Posted 5 years 11 months ago
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Shawna Mae's Avatar
Shawna Mae
70%
Posted 5 years 11 months ago
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Tracy Stantial-Mahig's Avatar
Tracy Stantial-Mahig
60-70%
Posted 5 years 11 months ago
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Alexis Gomez's Avatar
Alexis Gomez
At least 50%
Posted 5 years 11 months ago
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LaCole Brown Gadson's Avatar
LaCole Brown Gadson
It really depends on the market, but 55%-60% is desirable.
Posted 5 years 11 months ago
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Chrissy McCulloch's Avatar
Chrissy McCulloch
Our area is so transient. I’ve had 45-50% when other communities in our company in other markets are 80%. The job transfers and home purchases are killing us
Posted 5 years 11 months ago
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Aaron Thomez's Avatar
Aaron Thomez
Depends on the market, have you used Axiometrics or CoStar projections to know what the expectation is in your specific market?
Posted 5 years 11 months ago
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Connie Garcia's Avatar
Connie Garcia
60%
Posted 5 years 11 months ago
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Vicki Hurley's Avatar
Vicki Hurley
40-50%
Posted 5 years 11 months ago
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Nichole Granquist's Avatar
Nichole Granquist
Depends on the market!
Posted 5 years 11 months ago
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Chris Dembitz's Avatar
Chris Dembitz
60% is my baseline target. 70% is ideal, but if above 70% we're probably not being aggressive enough (on a conventional property).
Posted 5 years 11 months ago
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Gitana Gil's Avatar
Gitana Gil
55% to 70% depending on the Market.
Posted 5 years 11 months ago
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Tina Hope Parker's Avatar
Tina Hope Parker
50%
Posted 5 years 11 months ago
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Linda Lippert Bourne Hindmarch's Avatar
Linda Lippert Bourne Hindmarch
over 50% and under 75%
Posted 5 years 11 months ago
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Rebekah Rawlins's Avatar
Rebekah Rawlins
Really! I’d love to hear why under 75%? What’s your insight into that?
Posted 5 years 11 months ago
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Linda Lippert Bourne Hindmarch's Avatar
Linda Lippert Bourne Hindmarch
Rebekah Rawlins if we are over 75% my company feels that we left some money on the table with renewal offers
Posted 5 years 11 months ago
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Rebekah Rawlins's Avatar
Rebekah Rawlins
Interesting! I can see that.
Posted 5 years 11 months ago
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Julie Still's Avatar
Julie Still
National average in the survey last year was 48% renewing (a sad number, in my opinion). On a senior property, that number should be 80-85%, and on affordable properties we typically see 70-75% renewals. Hope that helps!
Posted 5 years 11 months ago
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Shelly Hollen Innis's Avatar
Shelly Hollen Innis
65%
Posted 5 years 11 months ago
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Shannon Fletcher's Avatar
Shannon Fletcher
50%-60%
Posted 5 years 10 months ago
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Mariaelena Kraus's Avatar
Mariaelena Kraus
30%
Posted 5 years 10 months ago
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Sanjay's Avatar
Sanjay
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We believe you can get the rate up if you provide freemiums during initial contact/first lease.
Posted 5 years 10 months ago
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Carl Dean's Avatar
Carl Dean
There doesn't seem like much you can do about a job transfer. We are also in a thriving market and our business model is a light value add where 50% renewals seem sufficient while trying to take advantage of unit upgrades.
Posted 5 years 10 months ago
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Allen Suslow's Avatar
Allen Suslow
We look for 80%.
Averaging 86% for the first 5 month's of 2018
Posted 5 years 10 months ago
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Multifamily Insiders Discussions
The Front Lines
What do you guys consider a healthy rate of lease renewals each month?