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For the past several episodes of The Multifamily Review, we focused on the fundamentals: supply, maturities, and the balance sheet pressures shaping 2026. But this week, we shift to the most volatile variable in the industry, people. The long standing assumption has been that renters are simply waiting for mortgage rates to fall. New data suggests something very different. The “Deliberate Renter” is rising, and renting is no longer a temporary compromise. It is a lifestyle choice.
Our newest internal research, The Next-Gen Renter: 2025 and Beyond, combined with insights from Zillow, Knightvest, NMHC, and Zego, reveals a powerful shift. Over half of renters no longer view homeownership as a status symbol. At the same time, operators are losing roughly $4,000 per non-renewal in an environment where rent growth is expected to remain muted. Residents are not leaving because of life changes. They are leaving because of rent price sensitivity, safety concerns, and poor maintenance. In other words, controllable factors.
This episode breaks down the Upgrade Matrix, the rise of the hybrid worker, the family renter pivot, and the growing gap between what operators think matters and what residents actually value. In 2026, retention is the new acquisition. The future belongs to operators who treat renting as a long-term relationship, not a temporary transaction.