New Lease Rents Are Falling—But Renewal Rents Are Still Rising

Average change in effective rent for new and renewed leases in the same unit: Knoxville, TN metro area

“Trade-out” measures the percentage change between a unit’s previous effective rent and the effective rent under its new lease. Negative new-lease trade-out means the unit leased to a new tenant for less than the previous tenant paid. Positive renewal trade-out means the existing tenant renewed at a higher effective rent.
Chart: Hancen SaleSource: RealPage AnalyticsDownload image