Some property managers experiencing difficulty keeping tenants

Fewer tenants are renewing their leases.

A recent survey from Kingsley Associates found that a lower percentage of tenants are planning to renew their lease this year than they were two years earlier, which may worry some commercial property managers.

At the end of the first quarter, fewer than 60 percent of renters noted they were sure they would renew their lease, the report explained. This has dropped in each of the past five quarters, and is more than 6 percentage points lower than the 65 percent two years earlier.

"A lot of the positive news about multifamily real estate has focused on the limited number of units available to supply a larger number of renters," notes David Smith, chief operating officer for Kingsley Associates. "But demographic patterns of renters are also changing, and this will impact how residents make renewal decisions."

More than three-quarters of renters noted that their time with their apartment has been enjoyable, the report added. The figure was consistent over the past year, despite it being slightly lower than the previous two years.

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