Market analytics and research by LeaseLock Chief Economist Greg Willett

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MEET LEASELOCK’S CHIEF ECONOMIST

Greg Willett serves as Chief Economist at LeaseLock, bringing over 30 years of expertise in multifamily research, economic analysis, and housing market dynamics. In this role, Greg delivers data-driven insights that help rental housing owners and operators navigate shifting market conditions and make informed strategic decisions.

Before joining LeaseLock, Greg was First Vice President and National Director of Multifamily Research for the Institutional Property Advisors division of Marcus & Millichap, where he provided analysis to guide investment strategies, market selection, and capital deployment. Previously, he served as Chief Economist at a leading real estate proptech firm, becoming a trusted voice in multifamily housing performance and forecasting.

A recognized thought leader, Greg’s analysis is frequently featured in national and industry media. He holds a bachelor’s degree from Western Kentucky University and a Master of Liberal Arts degree from Southern Methodist University.

THE LATEST FROM GREG’S DESK

Are We Overhyping the Impact of a Construction Slowdown?

While multifamily completions are retreating from peak levels, a pullback in new supply alone does not guarantee automatic rent spikes. LeaseLock Chief Economist Greg Willett evaluates upcoming 2027–2028 delivery totals against historical norms, demographic shifts, and evolving demand drivers.

Resident Retention Fuels Renewal Lease Pricing Power

Heading into late summer 2026, U.S. rental housing revenue growth continues to depend on strong resident retention and renewal lease pricing power. While move-in lease growth diverges sharply by asset class, renewal lease rents hold steady at an average 3.5% increase. Chief Economist Greg Willett breaks down why retaining existing residents remains paramount for operators in the second half of the year.

Prime Leasing Season Apartment Demand Potential Appears Promising

Moving into prime leasing season, key indicators of multifamily demand capacity look promising. Greg Willett breaks down likely robust Q2 - Q3 absorption, labor stats, and resident retention calculations across Class A and Class B portfolios.

Class C Apartment Rents Backtrack Amid Shifting Demand

Greg Willett analyzes why Class C apartment rents are backtracking in 2026 and how slowed demand impacts workforce housing providers.

U.S. Apartment Demand Starts 2026 on Solid Ground

Occupancy and rent growth are showing early momentum in 2026 despite economic uncertainty. Greg Willett analyzes the latest apartment market performance and key regional standouts.

U.S. Apartment Market Performance Solid in Early 2026

Occupancy and rent growth are showing early momentum in 2026 despite economic uncertainty. Greg Willett analyzes the latest apartment market performance and key regional standouts.

Four Tiers of Apartment Rent Growth Across U.S. Metros

Apartment rent growth varies widely by metro. See which U.S. markets are leading, stabilizing, or lagging as pricing power begins to return in 2026.

Apartment Demand Is Normalizing in 2026 as Supply Eases and Rent Growth Reemerges

Apartment demand is expected to normalize in 2026 as supply cools, job growth moderates, and renter mobility remains limited, setting the stage for renewed rent growth.

The Nation’s Hospitality-Fueled Economies Appear Vulnerable

Hospitality-driven economies like Las Vegas, Orlando, San Diego, San Antonio, and New Orleans are feeling the effects of slowing job growth and rising rent cuts. As travel and dining demand softens, these metros could see housing performance trail national averages through late 2025.

Apartment Rent Prospects for Late 2025

Apartment rent growth is likely to stay subdued as 2025 winds down. With slower job creation, easing supply, and strong renewal pricing, the U.S. rental market is expected to close the year near 1% annual growth.

Apartment Lease-Up Challenges Persist as Deliveries Stay Elevated in 2025

Despite a slowdown in new apartment completions, lease-up challenges remain widespread in 2025. Learn why rent concessions are rising, absorption is stretched thin, and when relief may finally arrive.

Renewal Lease Rent Growth Holds Solid in 2025, Outpacing Move-In Pricing

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.

Apartment Demand Seasonality Is Fluid

Apartment demand in 2025 shows signs of reverting to pre-Covid seasonality, with leasing momentum slowing in the second half of the year. Learn how job growth, inflation, and renter uncertainty are shaping absorption.

From the Field: New York | 2025 Rental Housing Trends Center on Consumer Stress, Retention, and Expense Control

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.

2025 Mid-Year Apartment Market Performance: Surprises, Standouts, and Slowdowns

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.

U.S. Apartment Demand Remains Robust in First Half of 2025, Surpassing New Supply in Many Markets

Apartment absorption surged in the first half of 2025, with 379,000 units leased nationally and Dallas-Fort Worth, Atlanta, and Chicago leading the way. Despite economic uncertainty, strong job growth and high resident retention are fueling above-average demand.

From the Field: Chicago | Uncertainty, Retention, and Renter Strain in 2025

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.

Implications From a Wild Week of Economic News: What the U.S. Economic Outlook Means for Rental Housing

A volatile week in economic data raises questions for rental housing demand. Job growth slows, inflation ticks up, and GDP momentum shifts.

The Cooldown in Apartment Construction Starts Varies Across Markets

Apartment construction starts have slowed significantly nationwide in 2025, dropping to their lowest levels since the post-recession recovery. But while many metros have come to a near standstill, others like Dallas and Miami remain closer to historical averages. Explore which markets are pulling back — and where development is still holding firm.

High Labor Force Participation Helps Fuel Rental Market Momentum

As more prime-age adults join the workforce, the U.S. rental housing market sees stronger household formation and demand, particularly in urban metros where labor participation is surging.

Rent Control and Construction: Lessons From Seattle

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.

Sun Belt Rent Growth Rebounds in 2025, Led by Tampa and Houston

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.

Noise in the Data: Mixed Economic Signals Create Uncertainty for Rental Housing Outlook

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.

The Pullback in Apartment Construction Becomes More Pronounced

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.

Reduced Mobility and Market Conditions Drive Record Lease Lengths

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.

Apartment Rent Growth by Building Type in 2025: High-Rises Lead

In 2025, high-rise apartments are outpacing mid-rise and garden properties in rent growth, reversing long-term trends. Explore what’s driving the shift and what’s next.

High-Paying Job Growth Slows Sharply, Raising Questions for Housing Demand

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.

Renter Retention Reaches 55.1% in Q1 2025 as Move-Out Rates Decline Nationwide

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.

Household Credit Card Debt Surges 57% Since 2021

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.

Consumer Sentiment Drops Ahead of Leasing Season, Potentially Slowing Household Mobility

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.