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> Mortgage Rates as of 1/22/2025

Property Management

 > Offer Lease Renewal Incentives

Encouraging tenants to renew their leases can save you the hassle of finding new renters and reduce vacancy periods. One effective way to do this is by offering small incentives for lease renewals, such as a rent discount for renewing early or upgrading appliances or fixtures. You can also provide a "thank you" gesture like a gift card or a small home improvement allowance to show appreciation for their loyalty. This approach helps build long-term relationships with tenants, reduces turnover costs, and ensures your property stays occupied.

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> 2025 U.S. Apartment Rent Growth Outlook

Overview:
Apartment rent growth in 2025 is expected to pick up slightly but will still lag behind previous decade norms due to elevated supply levels. Local market dynamics will play a significant role in shaping growth expectations, which vary widely across regions. Salt Lake City near peak supply.

Markets Expected to Outpace the U.S. Average

1. Minimal Supply Pressure, Stable Demand (3%-4% Rent Growth):

   • Examples: Chicago, Cincinnati, Indianapolis, Kansas City, Pittsburgh, Richmond, Virginia Beach

   • Steady economies with limited new apartment deliveries.

2. Gateway/Gateway-Adjacent Markets with Stable Occupancy (3%-4% Rent Growth):

   • Examples: Boston, Inland Empire (Riverside), Newark (Jersey City), Orange County (Anaheim), San Francisco/San Jose, Seattle, Washington, DC

   • Recovering demand and occupancy levels nearing historical norms.

Markets Hovering Around the U.S. Average

3. Little Supply but Demand Headwinds (2%-3% Rent Growth):

   • Examples: Baltimore, Cleveland, Greensboro-Winston Salem, Memphis, Milwaukee, Philadelphia, Sacramento, St. Louis

   • Limited inventory growth but weaker demand limits rent increases.

4. Sun Belt Markets Near Peak Supply (1.5%-2.5% Rent Growth):

   • Examples: Dallas, Houston, Las Vegas, Orlando, Salt Lake City, South Florida (Miami Area), Tampa

   • Elevated supply will moderate rent growth, despite strong demand.

Markets Expected to Lag Behind the U.S. Average

5. Weaker Demand Fundamentals (0%-2% Rent Growth):

   • Examples: Atlanta, Los Angeles, Minneapolis, Oakland, Portland, San Diego

   • Persistent demand softness despite manageable new supply.

6. Prolonged Supply Pressure (0%-1.5% Rent Growth):

   • Examples: Austin, Charlotte, Phoenix, Raleigh/Durham, San Antonio

   • Excess supply from 2024 and beyond will challenge rent growth recovery.

Key Takeaways for 2025:

• Strong Performers: Midwest and Gateway markets with steady demand and less supply pressure will lead.

• Moderate Growth: Sun Belt markets near peak supply will see modest gains.

• Challenges Ahead: Markets with oversupply or weak demand will struggle to achieve rent increases.

More News & Reports

Utah

Utah Lawmakers Want to Lossen Eviction Laws: Utah Senator Nate Blouin proposes SB125 to modify state eviction laws by eliminating treble damages, facing strong opposition in a landlord-friendly legislature. This proposal aims to reduce the financial burden on renters during evictions, amidst concerns that current laws disproportionately penalize tenants struggling to maintain housing.

Salt Lake City Ranks 4th For Most Affordable Metro for Renters: In 2024, renters needed an annual income of $63,680 to afford the median U.S. apartment rent, marking the lowest income requirement since 2022, with affordability improvements evident in major Texas metros but less so in cities like Providence, Miami, and New York.

National

The 10-year Treasury yield fell to 4.566% following President Donald Trump's inauguration and a flurry of new executive orders, reflecting investor caution amid Trump's proposed tariffs and economic policies.

The Consumer Financial Protection Bureau (CFPB) ordered Equifax to pay a $15 million penalty for inadequately investigating consumer disputes about credit report inaccuracies, failing to follow dispute resolution procedures required by law, and other compliance failures.

Stuck at home: Economic pressures keep young adults living with parents. Rental affordability issues, dwindling pandemic savings, and high mortgage rates have stalled the trend of young adults moving out of their parental homes. In 2023, 19.2% of adults aged 25-34 still lived with their parents, a figure that has remained static from 2022 and remains high by historical standards, particularly in Southern and Northeastern states.

Minneapolis shines as the top city to watch for renters in 2025, according to a RentCafe.com analysis, driven by rising rental interest and online engagement rates throughout 2024. The Midwest and West regions are closely matched in popularity, each hosting ten of the top thirty cities for rental activity, with Southern cities like Atlanta maintaining strong appeal due to their vibrant job markets and quality of life.

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