• Multifamily turnover—the percentage of total rented units not renewed each year—fell to 47.5% in 2018, its lowest level in at least two decades.

 

• For major REITs, the trailing four-quarter rate declined to 50.1% in Q1 from 51.8% a year earlier.

 

• Lower turnover rates are generally interpreted as positive for the industry and a sign of favorable market strength at this point in the cycle.

 

• Turnover rates vary considerably by metro. Higher rates are typically found in the South and West.