Renters living in small multifamily properties have lived in their units for one year longer than the average renter, and are slightly less likely to have plans to move out over the next year. This represents a return to the norm established prior to the pandemic, with more affordably-priced housing generally seeing greater retention from year to year. After the initial wave of COVID-19 in 2020, we saw the number of residents who planned to renew their leases for another year drop precipitously across all property types in response to pandemic-driven shifts in households’ needs and preferences. Then, in 2021, retention rates hit record highs around the country. In 2022, retention seems to have leveled off at more normal rates, with 40% of small multifamily renters saying that they plan to stay put for the next year—4 percentage points higher than the rate among renters overall.
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SMALL MULTIFAMILY RENTERS PLANS TO MOVE IN 2022!
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