Report: Providence apartment market has among lowest turnover in nation

A REPORT BY RealPage that measured the retention rate of residents in the country's 50 largest markets found 61 percent of tenants in Providence renewed their leases in 2018, among the lowest turnover in the nation. / PBN PHOTO/MARY MACDONALD

PROVIDENCE – Sixty-one percent of tenants in Providence renewed their leases in 2018, a new report found, among the lowest turnover in the nation.

RealPage Inc. found the resident retention rate among the country’s 50 largest markets ranged from 46 percent to 62 percent. Milwaukee and Newark-Jersey City, N.J., topped the list, with 61.9 percent retention.

In Providence, which held third place, 61.3 percent of tenants whose leases expired last year renewed them.

The report cited possible reasons for tenants staying put, including increases in interest rates, which made purchasing a home less attractive, and a lack of inventory to move into.

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On average, 52.5 percent of the country’s tenants remained in their households last year, according to the report.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

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