Average U.S. renter stays in a building 27.5 months
The average length-of-stay for a U.S. renter in a multi-family building is 27.5 months, according to new national research conducted by ResidentRated, a renter satisfaction survey program.
This suggests that as tenants reach their two-year mark, building owners or managers should survey or meet with the tenants and discuss their plans to stay or move. This discussion may result in a request for a specific upkeep or repair in order for the tenant to remain in the building. But the cost of this change could be well below the national average of $3400 it costs a building for each turnover.
Renters in the northeast have the longest average rental stay at 32.9 months. Renters in the South have the shortest average rental stay at 24.3 months.
For a copy of the report, “Keeping Renters Happy,” contact ResidentRated at 651-237-5506.