Something 'striking' is happening with apartment renters

That's why about half of apartment renters in large urban markets usually move when their leases expire. The low turnover is "striking," according to real estate analyst Alex Goldfarb at Piper Sandler. He said some of the largest landlords are seeing turnover at just 30% compared with the industry norm of 50%. As a result, in the multifamily REIT sector, Goldfarb likes Essex Property Trust , with its large West Coast footprint. "The first drop in vacant units in more than two years signals a crucial turning point in the multifamily sector," said Kelli Carhart, leader of multifamily capital markets for CBRE.