The Apartment Association of North Carolina recently collected statewide data about the duration of stay for apartment resident households. Responses were received from 92 apartment communities representing 18,000 apartment dwellings and comprised of a good sample by geography, community age, community size, and rental rate level. The formula to determine Annual Property Turnover Rate was # of Households Moved Out divided by # of Apartments.
By far the most common turnover rate for the respondents was in the 40-55% grouping (over 2/3 of the properties so reported). Over 1/4 of the properties reported that their turnover rates fall in the 56-70% grouping. Here’s how the numbers broke down:
Duration of Stay for Current Residents
Duration of Stay for Recent Move Outs