Over the past two years, we have seen a subtle shift in the intention to lease long term. According to our 2019 Online Renter Study, when residents were asked if they planned to stay one-two years, there was a slight increase from 45% to 47.7%, an increase of 2.7%, however, if planned rental length was more than five years it decreased from 19.9% to 16.2%.
The study also found renters will be less likely to renew when lease terms are shorter and/or apartments are rented sight unseen. If a resident has rented sight unseen, they are less likely to develop a connection with the community or management team and therefore find it easier to leave in less than one year. Start the resident connected from the very beginning and continue the relationship with your residents for a better probability of lease renewals.
Influential Value Drivers