While move-in lease growth is slow, renewal rents continue to average 4% nationally. Greg Willett explores how this steady pricing power is driving operator revenue and retention success in 2025.
During a recent visit to New York, LeaseLock’s Chief Economist Greg Willett met with rental housing investors and media leaders to unpack three timely trends: rising consumer financial stress, record-high resident retention, and a new era of expense control. As budgeting season approaches, these insights are shaping 2025 outlooks.
Renewal lease rent growth held steady at 3.9% in May, marking 18 consecutive months of solid gains. With move-in lease pricing lagging, renter retention and renewal strategies are proving key to rental housing revenue in 2025.
Recent economic indicators sent mixed messages about consumer sentiment, inflation, corporate earnings, and recession risk. With confidence shaky across sectors, Greg Willett explores how this economic noise could impact renter behavior, retention, and housing demand in 2025.
Seattle has been one of the most active coastal construction markets over the past 15 years, but new statewide rent control regulations could alter that trajectory. Greg Willett explores how the city’s growth, demographics, and policy nuances might shape future apartment development.
As rent performance begins to improve in select Sun Belt metros, 2025 could mark a return to pricing power in areas like Tampa, Houston, and Charlotte. Greg Willett breaks down market-level trends from top performers to laggards.
During a recent visit to Chicago, Greg Willett met with operators and capital leaders to uncover what’s really happening on the ground. From economic uncertainty to renewal pricing strategies, this From the Field edition delivers direct insights from those shaping the industry.
New market data shows the future apartment supply pipeline has dropped significantly, with ongoing construction at just 585,000 units—representing only 2.9% inventory growth. That’s half of the expansion pace seen at the 2023 peak. The number of major metros with aggressive building activity has fallen from 27 to just nine, mostly concentrated in the Sun Belt.
RealPage data shows the average lease length for 2025 has reached a record 12.8 months. With declining renter mobility, aging demographics, and a favorable rent environment, more residents are locking in longer lease terms than ever before.
Despite 2 million jobs added in 2024, high-paying sectors lost 218,000 positions, according to BLS data. This split in job growth could pressure lease-ups for luxury apartments just as new supply peaks. Learn what’s driving the divergence—and what it means for housing operators and investors.
More renters are staying put. In Q1 2025, the national renter retention rate rose to 55.1%, a 1.7-point year-over-year increase. With mobility down and renewal rent growth outpacing new lease performance, this trend is playing out differently across Class A and Class C segments—especially in fast-growing Sun Belt metros.
New data from the Federal Reserve Bank of New York and Experian shows U.S. credit card debt climbing 57% since 2021 to $1.211 trillion. With delinquencies nearing 9% and interest rates above 23%, rising financial strain—especially among Gen X households—could affect renters’ ability to meet housing obligations.
As consumer sentiment declines, so does renter confidence in making financial moves. With economic uncertainty rising and inflation concerns top-of-mind, households may choose to stay put—especially at lease expiration. This hesitancy could impact revenue performance, particularly where renewal leases offer stronger returns than new move-ins.
