• Turnover—the percentage of total rented units not renewed each year—fell from 47.5% in 2019 to 42.1% in April, the lowest level in over 20 years.

 

  • The continuing long-term decline in turnover has accelerated recently due to fewer tenants moving because of the COVID-19 economic downturn.

 

  • For major REITs, the trailing four-quarter turnover rate was 48.7% in Q1, down 120 basis points (bps) from a year ago and 560 bps from five years ago.