Resident Turnover Dynamics: A Comparative Analysis of High-Rise and Garden-Style Multifamily Apartments

Executive Summary

This report analyzes resident turnover rates within the multifamily housing sector, specifically comparing high-rise and garden-style apartment properties. The primary objective is to determine whether a consistent trend exists indicating higher turnover in one property type over the other. The analysis involves defining these distinct property types, examining general industry benchmarks for resident turnover, identifying the key factors influencing resident mobility, and evaluating how the unique characteristics of high-rise and garden-style buildings intersect with market dynamics to shape retention outcomes.

Key findings indicate that while high-rise and garden-style apartments cater to different resident profiles and offer distinct lifestyle value propositions, the relationship between building type and turnover is complex and highly sensitive to market conditions. Historically, data often suggests a tendency towards higher turnover in high-rise properties, potentially linked to their urban locations, younger and more mobile resident demographics, and the competitive nature of the luxury rental market. Conversely, garden-style apartments, typically located in suburban areas and attracting more stability-seeking residents like families, often exhibit lower turnover rates.

However, prevailing market conditions, particularly the significant wave of new apartment supply delivered in recent years (2023-2025), have exerted considerable influence. This supply pressure has intensified competition and compelled operators across all property types to prioritize resident retention, potentially masking or temporarily altering historical turnover patterns. Factors such as local job growth, resident age demographics, and specific property management practices also play crucial roles. Ultimately, while a general tendency for higher turnover in high-rises may exist, it is not absolute and must be considered within the context of specific market dynamics and operational factors.

 Defining Multifamily Property Types

The multifamily housing sector encompasses a wide array of property types designed to accommodate multiple households within a single structure or community, ranging from small duplexes to expansive apartment complexes.¹ Understanding the distinct characteristics of different building types is essential for meaningful comparative analysis. This report focuses on two prominent categories: high-rise and garden-style apartments. Common classifications also include low-rise (typically 1-4 stories) and mid-rise buildings (often 4-8 or 5-9 stories).¹

High-Rise Apartments

High-rise apartments represent a significant segment of the urban multifamily landscape, characterized primarily by their vertical stature.

• Definition: A notable challenge arises from the varying definitions used within the industry. High-rise buildings are commonly defined as having nine or more stories.¹ However, other classifications exist, such as ten or more stories used for Energy Star ratings ⁴, or twelve or more floors cited by some sources.⁵ Official guidelines, like those from the National Fire Protection Association (NFPA), may classify buildings as high-rise if they stand at seven stories or more, or if an occupiable floor is greater than 75 feet above fire department access.⁹ Structures exceeding 40 or 50 stories are often termed skyscrapers.² Despite these variations, the core concept involves significant height, often housing hundreds of individual units.¹ This definitional ambiguity necessitates careful consideration when comparing data from different sources, as they might be analyzing slightly different building stocks.
• Location: High-rise apartments are predominantly situated in densely populated urban centers and city cores.¹ Their location is often a primary draw, offering convenient access to central business districts, employment centers, cultural attractions, dining, and entertainment hubs.⁸ High walkability scores are frequently associated with these properties.²
• Characteristics & Amenities: These buildings are defined by vertical density, reliance on elevators (often multiple high-speed elevators to manage traffic) ¹, and construction typically involving concrete, steel, and glass.¹⁰ High-rises are frequently positioned as luxury or premium offerings ¹, commanding higher rents.¹ They often boast an extensive list of upscale amenities, which can include concierge services, rooftop terraces or pools, state-of-the-art fitness centers, spas, community lounges, business centers, and advanced security systems featuring doormen, surveillance cameras, and controlled access points.¹ Spectacular city or water views are another common selling point.¹ Parking is generally provided in structured garages, sometimes below ground or integrated into the building’s lower levels.² Due to their scale and complexity, high-rise properties typically have professional, on-site management and maintenance teams.⁸
• Target Demographics: The combination of prime location, luxury amenities, and premium pricing tends to attract specific resident profiles. High-rises appeal to tenants who prioritize convenience, lifestyle, views, and are willing to pay higher rents for these benefits.¹ Young professionals are a frequently cited demographic, drawn to the dynamic urban environment and proximity to work and entertainment.¹ Higher-income individuals and households who value the services and prestige associated with luxury buildings are also a key market segment.¹

Garden-Style Apartments

Garden-style apartments offer a contrasting living experience, typically found outside of dense urban cores.

• Definition: These properties are consistently defined as low-rise residential buildings, generally ranging from one to three stories ¹¹, although some definitions extend to four stories.¹² They are characteristically spread across a sizable, landscaped plot of land, often featuring multiple separate buildings operating under a single management structure.¹² The defining feature is the emphasis on green space, with buildings surrounded by lawns, trees, gardens, courtyards, and walking paths.¹¹ Historically, the term “garden apartment” sometimes referred specifically to ground-level or partially below-grade units with direct access to a private garden space, particularly in older urban contexts ¹⁵, but contemporary usage predominantly refers to the low-rise complex model.
• Location: Garden-style apartments are primarily located in suburban or sometimes semi-rural areas.¹² While situated outside the urban core, they may still offer convenient access to employment centers, retail services, and schools, often catering to residents commuting to nearby cities or working in suburban job nodes.¹⁸
• Characteristics & Amenities: The design emphasizes horizontal layouts rather than vertical stacking, resulting in lower density compared to high-rises.¹¹ This often translates into a more spacious feel and a greater connection to the outdoors.¹¹ Many units feature private outdoor spaces such as patios, balconies, or small yards.¹¹ Communal amenities typically leverage the outdoor setting, including swimming pools, landscaped courtyards, walking trails, picnic areas, barbecue grills, and playgrounds.¹¹ Parking is almost always surface-level, often located in open lots directly adjacent to the residential buildings, providing convenient access for residents.¹¹ Elevators are generally absent due to the low-rise nature.¹² While offering substantial outdoor amenities, they may have fewer or less elaborate indoor amenities (like large fitness centers or concierge services) compared to luxury high-rises.¹² Their low-rise structure can contribute to lower cooling costs but potentially higher heating costs.¹² Ground-level access and multiple entry points across the property can present security challenges that require robust access control solutions.¹²
• Target Demographics: Garden-style communities appeal to residents seeking a different set of priorities compared to high-rise dwellers. Key draws include relative affordability, larger living spaces (potentially more square footage per unit ¹⁶), a quieter environment, a stronger sense of community, and direct access to green space and nature.¹¹ These characteristics attract a diverse demographic, including families with children (who value outdoor play areas and proximity to suburban schools), pet owners (benefiting from yards and walking areas), remote workers seeking peaceful surroundings, retirees looking for accessible living and community interaction, and individuals or households prioritizing budget-friendliness.¹¹ Garden-style properties often fall into the Class B or Class C asset categories, representing more workforce or value-oriented housing options.¹⁶

The distinct characteristics of high-rise and garden-style apartments establish fundamentally different value propositions. High-rises leverage location, views, and extensive amenities to offer urban convenience and luxury, typically at a premium price.¹ Garden-style properties emphasize space, affordability, community, and connection to nature within a lower-density, typically suburban setting.¹¹ These inherent differences attract distinct resident profiles with potentially varying levels of stability and mobility, which forms the foundation for exploring potential variations in turnover rates.

Table 1: Comparative Overview of High-Rise vs. Garden-Style Characteristics

Understanding Resident Turnover in Multifamily Housing

Resident turnover, the cycle of tenants moving out and new tenants moving in, is a critical operational and financial consideration for multifamily property owners and managers. Understanding its dynamics, benchmarks, and drivers is essential before comparing specific property types.

 Definition and Measurement

Tenant turnover encompasses the entire process from a resident vacating a unit to a new resident moving in, including the move-out itself, preparing the unit (cleaning, repairs, upgrades), marketing the vacancy, screening applicants, and executing a new lease.²² Resident retention is the inverse metric, measuring the property’s success in encouraging existing tenants to renew their leases.²³ It is typically calculated as the percentage of leases expiring within a specific period that were renewed:

ResidentRetentionRate=TotalNumberofExpiringLeasesNumberofRenewedLeases​×100% ²³

The turnover rate is simply the complement of the retention rate:

$TurnoverRate=100\%-ResidentRetentionRate$

A high retention rate (and thus low turnover rate) generally indicates tenant satisfaction and contributes to financial stability through consistent rental income and reduced turnover costs.²³

 General Industry Benchmarks and Recent Statistics (2023-2025)

Turnover rates fluctuate based on economic conditions, market dynamics, and demographic trends.

• Historical Averages: Nationally, resident turnover rates historically hovered around 50%, meaning roughly half of residents moved out at lease expiration.²⁴ Surveys from the National Apartment Association (NAA) indicated rates like 51% in 2018.²⁵ Older data from the Institute of Real Estate Management (IREM) suggested a 61% average turnover for garden-style apartments back in 2001 ²⁶, while REIT data showed turnover falling from around 65% in 2000 towards the sub-50% range by the late 2010s.²⁷
• COVID-19 Impact: The pandemic significantly disrupted mobility patterns. Lockdowns, economic uncertainty, and the shift to remote work led many residents to stay put, resulting in historically low turnover and high retention rates.²⁷ National retention peaked around 57% in mid-2022.³¹
• Recent Trends (Late 2023 – Early 2025): As the immediate impacts of the pandemic waned, retention rates moderated slightly but have remained elevated compared to pre-pandemic levels. RealPage Market Analytics reported a national retention rate of just over 54% for market-rate apartments in the year ending October 2024, implying a turnover rate just under 46%.³¹ This was a notable increase from the previous year and significantly higher than the 2010-2019 average retention of 50.7%.³¹ Other industry sources cite recent average retention rates around 56% ²³ or even 60%.³² Major apartment REITs also reported continued low turnover into late 2024 and early 2025.³³
• Current Market Context: A dominant factor influencing recent trends is the unprecedented level of new apartment supply hitting the market.³³ This surge in inventory, the highest since the mid-1980s in absolute numbers ³⁵, has intensified competition among properties. Consequently, operators are placing a strong emphasis on resident retention strategies to maintain occupancy levels and mitigate vacancy loss.³³ This focus likely contributes to the currently elevated retention rates. Data shows retention rates have climbed most in lower-supply markets and least in high-supply markets, where renters have more options.³¹
• Turnover Costs: The financial impact of turnover is substantial. Estimates for the cost of turning a single unit vary but consistently highlight a significant expense, ranging from $1,000 to $5,000 per unit.⁴⁴ Common estimates include around $1,800 ⁴⁶ or nearly $4,000.⁴¹ These costs encompass lost rent during vacancy periods, marketing and advertising expenses, administrative time for processing move-outs and new leases (including screening), and direct costs for cleaning, painting, repairs, and potential upgrades needed to make the unit ready for the next resident.²²

Key Factors Influencing Resident Decisions

A complex interplay of factors drives a resident’s decision to renew their lease or move elsewhere. These can be broadly categorized:

• Property/Management Related (Internal Factors): These are elements largely within the control of property owners and managers.

  • Maintenance and Repairs: Responsiveness and quality of maintenance are critical. Delays, poor workmanship, or failure to address issues like pests or leaks are major sources of resident dissatisfaction and significant drivers of turnover.⁴⁸ One study indicated 31% of residents left due to poor maintenance.⁵¹
  • Management Quality and Communication: Effective, professional, and respectful communication is essential. Poor communication, unresponsiveness to concerns, or negative interactions with staff erode trust and encourage residents to leave.⁴⁸ Proactive communication and relationship-building foster satisfaction and retention.²³ Staff turnover itself can negatively impact resident experience, as higher staff churn correlates with higher resident turnover.⁴¹
  • Rent Pricing and Increases: Rent is a primary consideration. Significant, frequent, or perceived unfair rent increases are among the top reasons tenants move.⁴⁸ Offering competitive market rates and providing transparency around increases can aid retention.⁴⁹ A situation where renewal rents are higher than new lease rents (rent roll inversion) can also incentivize moving.⁴²
  • Unit and Property Condition/Amenities: Dissatisfaction with the individual unit (e.g., outdated appliances, layout) or the overall property condition and appearance is a key factor.²² The availability and quality of amenities – such as fitness centers, pools, pet-friendly features, package management systems, reliable internet, and smart home technology – increasingly influence resident satisfaction and renewal decisions, especially as renter expectations rise.²²
  • Sense of Community: Feeling connected to neighbors and the community significantly increases the likelihood of renewal. Residents with more friends in the community are more likely to stay.⁵⁵ Properties that foster community through events and shared spaces often see better retention.²²
  • Safety and Security: A secure living environment is a top priority. Inadequate lighting, broken locks, or perceived safety issues can drive residents away.⁴⁸

• External/Market Related Factors: These elements are largely outside the direct control of property management but significantly impact resident behavior.

  • Job Market Dynamics: Local employment opportunities are a major influence. Robust job growth tends to increase resident mobility and turnover, as people move for new jobs or career advancement.²⁴ Conversely, markets with fewer job opportunities generally experience lower turnover as residents have less incentive or ability to relocate.²⁴
  • Housing Supply and Competition: The availability of alternative housing options plays a critical role. High levels of new apartment construction increase choices for renters, intensify competition among properties (often leading to concessions), and can contribute to higher turnover.²¹ Limited supply restricts options and tends to lower turnover.²⁸
  • Economic Conditions and Affordability: Broader economic trends impact residents’ financial situations. Job loss, rising cost of living, or inability to afford rent increases due to financial strain can force moves.⁴⁸ The relative affordability of renting versus buying a home (influenced by home prices and mortgage rates) also affects turnover, particularly move-outs to homeownership.²⁴
  • Neighborhood Quality: Factors beyond the property line, such as neighborhood safety, noise levels, school quality, walkability, and access to desired local amenities, influence resident satisfaction and decisions to stay or leave.²⁴

• Personal/Demographic Factors: Individual resident characteristics and life events are inherent drivers of mobility.

  • Life Circumstances: Major life changes frequently trigger moves. These include changes in relationship status (marriage, divorce, separation), household size (birth of children requiring more space, children leaving home enabling downsizing), or health-related needs.²²
  • Resident Age: Age is strongly correlated with mobility. Younger renters, often experiencing significant life milestones like starting careers or families, tend to move more frequently, resulting in higher turnover rates in properties catering to this demographic.²⁴ Older renters generally have lower mobility and contribute to higher retention rates.²⁴
  • Lifestyle Preferences: Evolving preferences for location, amenities, or type of living environment (e.g., desiring more space, a quieter neighborhood, or specific community features) can lead to moves.²¹

It becomes clear that resident turnover is driven by a complex interaction between factors that property managers can influence (internal) and those they cannot (external/personal).⁵¹ Success in resident retention often hinges on excelling at controllable factors – providing excellent maintenance, fostering positive communication, offering fair value, and building community – to counteract the inevitable pull of external forces like job relocations or life changes, and to remain competitive amidst market pressures like new supply.

Furthermore, resident decisions can be viewed through a “push” versus “pull” lens. Negative experiences at the current property, such as persistent maintenance issues ⁴⁸ or poor management interactions ⁴⁹, act as “push” factors, driving residents away. Conversely, attractive opportunities elsewhere, like a better job ²⁴, a more appealing or affordable apartment (perhaps a new building offering concessions ⁴²), or the chance to buy a home ⁵¹, serve as “pull” factors. Understanding whether turnover is primarily driven by push or pull factors is crucial for management to diagnose issues and implement effective retention strategies. High turnover dominated by push factors signals operational deficiencies needing correction, while high turnover driven by pull factors might be harder to prevent but could potentially be mitigated by enhancing the property’s overall value proposition.

Table 2: Summary of Factors Influencing Multifamily Resident Turnover

Turnover Analysis: High-Rise Apartments

Analyzing turnover specifically within high-rise apartments requires connecting their unique characteristics – dense urban locations, luxury amenities, specific resident profiles, and higher price points – to the general factors influencing resident mobility.

How High-Rise Characteristics Influence Turnover

Several inherent features of high-rise properties can predispose them to potentially higher turnover rates compared to other multifamily types:

• Urban Location and Job Density: High-rises are almost exclusively found in dense urban centers ¹, areas often characterized by a high concentration of jobs and dynamic employment markets. While convenient, this proximity to abundant job opportunities can foster greater mobility among residents who may frequently switch jobs or relocate for career advancement, contributing to higher turnover.²⁴ Markets with robust employment growth generally see higher turnover.²⁴
• Target Demographics: These properties often attract younger professionals ¹ and higher-income individuals ¹ – groups that tend to be more mobile than older demographics or families. Younger renters are statistically more likely to move due to life stage changes (new jobs, relationships, starting families).²⁴ Higher-income renters, often “renters by choice” ⁶³, possess the financial agility to move if dissatisfied or attracted by newer, competing luxury offerings.⁶³ This demographic profile inherently suggests a lower baseline for retention.
• Luxury Amenities and Intense Competition: The emphasis on premium amenities and luxury living ¹ places high-rises in direct competition with similar properties, especially newly constructed ones. Residents paying premium rents often have high expectations ⁴¹ and may be easily lured away by the “next best thing” – a newer building with superior finishes, more cutting-edge amenities, or attractive lease-up concessions.³⁰ This constant competitive pressure within the luxury segment can drive turnover.
• Higher Rental Costs: The premium locations and extensive amenities translate directly into higher rents compared to mid-rise or garden-style options.¹ While attracting affluent tenants, these higher costs make residents potentially more sensitive to significant rent increases or economic downturns that impact their finances, potentially pushing them towards more affordable alternatives.⁴⁸ High cost is frequently cited as a disadvantage of high-rise living.⁸
• Density and Lifestyle Factors: While offering stunning views and convenience, the high density of these buildings can lead to drawbacks like reduced privacy and potential noise transmission between units.⁷ Limited access to private or communal green space might also be a negative for some residents.⁸ These factors could act as “push” factors contributing to turnover for residents seeking more space or tranquility.
• Views and Location as Retention Anchors: On the other hand, the unique advantages of high-rises – unparalleled views and unbeatable prime locations ¹ – can serve as powerful retention factors for residents who highly value these specific attributes.

Analysis of Data Specific to High-Rise Turnover

Specific data points, although sometimes dated or market-specific, provide evidence regarding turnover trends in high-rise properties:

• A RealPage analysis from August 2021, reflecting market conditions during a period of pandemic-related shifts, found that high-rise apartments were underperforming compared to other property types. Resident retention in high-rises stood at 51% in July 2021, significantly lower than the 58% achieved in low-rise/garden properties during the same period. High-rise retention had fallen to a low of 41% in late 2020. Furthermore, high-rises exhibited much higher concession usage (25% of available units offered discounts) compared to garden-style (5%), indicating greater difficulty in attracting and retaining tenants at the time.³⁰ This suggests a historical tendency towards higher turnover, particularly vulnerable during periods discouraging dense urban living.
• The NAA’s 2021 Survey of Operating Income & Expenses (reporting on 2020 data) found regional variations. Notably, turnover was highest (averaging 55%) in mid-rise/high-rise properties located in Florida, compared to the lowest rate (40%) observed in garden properties in California.²⁹ While this is a regional snapshot, it supports the possibility of higher turnover rates in denser building types within certain market contexts.
• An undated RealPage analysis examining long-term investment performance (likely pre-2020) noted that while high-rise apartments historically generated superior Net Operating Income (NOI) growth and appreciation compared to garden-style, this came with greater volatility.⁶³ The analysis attributed some of this volatility to the “renter by choice” profile of many high-rise residents, who possess the income and agility to move if a more appealing luxury product enters the market.⁶³ This implies a structural potential for higher turnover driven by resident choice and market competition within the high-end segment.
• An older academic paper referencing IREM data from 2001 pointed out that painting and decorating costs, a component of turnover expenses, had been rising more rapidly than rents in high-rise buildings compared to the overall trend at that time.²⁶ While indirect, this could suggest higher frequency of turnover necessitating these expenditures, or perhaps higher standards for unit preparation between tenants in luxury buildings.

These data points, combined with the inherent characteristics of high-rises, suggest a pattern often referred to as “lifestyle churn.” The demographic groups frequently attracted to high-rise living (e.g., young, upwardly mobile professionals ⁸) and the lifestyle offered (urban convenience, luxury amenities ¹) may be intrinsically linked to higher rates of mobility. Residents might move for significant career changes, transition to homeownership as their life stage evolves, or simply seek out the newest and most desirable building in a constantly evolving luxury market. This potentially creates a higher baseline turnover rate compared to property types attracting residents seeking longer-term stability.

Furthermore, the concentration of high-rise properties within urban cores ¹ makes their performance, including turnover rates, particularly sensitive to the specific dynamics of those urban markets. Factors like intense local job market fluctuations ²⁴, the concentrated delivery of new competing supply (affecting rents and concessions) ³⁰, and shifts in public perception regarding the desirability of dense urban living (as witnessed during the COVID-19 pandemic ³⁰) can have a more pronounced and immediate impact on high-rise turnover compared to the more geographically dispersed garden-style market.

Turnover Analysis: Garden-Style Apartments

Garden-style apartments present a contrasting profile, typically characterized by lower density, suburban locations, and an emphasis on affordability and community, which collectively influence their resident turnover patterns.

How Garden-Style Characteristics Influence Turnover

Several features inherent to garden-style properties tend to promote resident stability and lower turnover rates:

• Suburban Location: Primarily situated in suburban or semi-rural settings ¹², these locations may experience less concentrated job growth or fewer directly competing rental options compared to dense urban cores. This potentially reduces resident mobility driven purely by local job changes or the availability of alternative rentals.²¹ The rise of remote work may further enhance the appeal of suburban locations for some segments.²¹
• Target Demographics: Garden-style communities often attract demographics associated with greater stability, such as families with children (who prioritize factors like school districts and safe play areas ²¹), pet owners valuing accessible green space ¹¹, and retirees seeking community and accessibility.¹¹ These groups generally exhibit lower mobility rates compared to the younger, single professionals often found in urban high-rises.²⁴
• Affordability: A key appeal of garden-style apartments is their relative affordability compared to high-rises.¹¹ Lower base rents and potentially smaller or less frequent rent increases (due to lower operating costs and fewer high-end amenities) can be strong retention factors, particularly for budget-conscious households. This reduces the financial pressure that often triggers moves.⁴⁹
• Community Feel and Green Space: The design emphasis on shared outdoor spaces, landscaped grounds, and lower density fosters a sense of community and connection to nature.¹¹ This environment can enhance resident satisfaction and create social ties, encouraging longer stays and increasing the likelihood of lease renewal.⁵⁵ The lifestyle can mimic aspects of single-family home living.¹¹
• Accessibility and Parking Convenience: Practical advantages like easier ground-level access for many units ¹⁴ and convenient, readily available surface parking near buildings ¹¹ contribute to ease of daily living and overall resident satisfaction.
• Potential Drawbacks: While generally promoting stability, certain factors could contribute to turnover. The relative lack of extensive indoor amenities compared to luxury high-rises might be a drawback for some residents.¹² Additionally, the ground-level accessibility and multiple building entries inherent in the design can raise security concerns if not adequately addressed with modern access control and lighting.¹² Noise from neighbors or nearby traffic can also be potential issues in some settings.¹²

Analysis of Data Specific to Garden-Style Turnover

Data comparing garden-style turnover to other property types generally supports the notion of greater resident stability:

• The RealPage analysis from August 2021 showed significantly higher retention (lower turnover) in garden-style/low-rise properties (58%) compared to high-rises (51%) during that period. Concession usage was also markedly lower in garden-style (5%) versus high-rise (25%), indicating stronger demand and less pressure to discount rents.³⁰
• The NAA’s 2021 Survey (2020 data) identified the lowest turnover rates (averaging 40%) in garden properties located in California.²⁹ The overall survey turnover rate was 46.9%, noted as historically low due to pandemic effects, and the survey sample consisted predominantly of garden-style properties.²⁵
• The NAA’s 2019 Survey (2018 data) reported an average turnover rate of 51% for its respondents, again noting that the survey primarily covered garden-style, market-rate apartments.²⁵ This figure, higher than the 2020 rate, suggests that garden-style turnover is still subject to fluctuation based on broader market conditions prevailing at the time.
• The undated RealPage investment analysis found that while high-rises offered higher NOI growth, garden-style apartments historically provided a superior income yield (average advantage of 73 bps).⁶³ Importantly, despite nearly identical total returns over 5, 10, and 15-year periods, risk-adjusted returns slightly favored garden-style properties.⁶³ This finding suggests greater stability and lower volatility, consistent with potentially lower and more predictable turnover patterns.
• Anecdotal evidence reported by CBRE suggests that Class B and C properties, which often include garden-style communities ¹⁶, typically experience lower turnover rates compared to newer Class A buildings (which are more likely to be high-rises).⁴⁵ The brief also noted that smaller properties, potentially encompassing many garden-style complexes, might prioritize maintaining high occupancy over aggressively pushing rents, a strategy that naturally leads to lower turnover.⁴⁵
• Contrasting these findings, the academic paper citing IREM data from 2001 reported a much higher average turnover rate of 61% specifically for garden-style apartments in the US at that time.²⁶ This older data point serves as a reminder that turnover rates are not static and can vary considerably across different economic cycles and time periods.

The tendency towards lower turnover in garden-style apartments appears strongly linked to the demographics they attract and the lifestyle they offer. By catering to more settled households like families and older renters ¹¹ seeking affordability, space, and community connections ¹¹, these properties foster an environment conducive to longer residency compared to the often more transient populations and competitive dynamics associated with urban high-rises.

However, garden-style properties may have a specific vulnerability related to homeownership. Their suburban locations ¹² and family-oriented nature ¹¹ position them as a potential stepping stone for residents aspiring to buy a single-family home. The lifestyle offered often shares similarities with homeownership (e.g., more space, yard access ¹¹). Therefore, in markets with accessible and affordable for-sale housing, or during periods characterized by low mortgage rates, garden-style communities might experience an increase in turnover specifically due to residents “graduating” to homeownership. Conversely, periods of high mortgage rates and unaffordable home prices, like those seen recently, tend to suppress this type of move-out, thereby boosting retention rates in garden-style properties.³³

The Impact of Market Dynamics

While the inherent characteristics of high-rise and garden-style apartments create predispositions towards different turnover levels, actual turnover rates are significantly shaped by prevailing market dynamics, including geographic context (urban vs. suburban) and broader economic and supply conditions.

Urban vs. Suburban Context

The typical locations of high-rise (urban) and garden-style (suburban) properties mean they are subject to different local market forces:

• High-Rise (Urban): Turnover in these properties is closely tied to the health and dynamism of the urban core. Factors include the concentration of white-collar jobs, the vibrancy of downtown amenities, the quality and cost of public transportation, and the specific development pipeline within the central business district and surrounding neighborhoods.¹ High-rises are sensitive to shifts in corporate location decisions, fluctuations in the high-income job market, and competition from other newly delivered luxury towers.²¹ Perceptions of urban safety and quality of life also play a role.
• Garden-Style (Suburban): Turnover drivers in suburban locations often relate to different factors. Quality of local school districts becomes paramount for families.²¹ Access to suburban employment centers (like office parks or healthcare facilities) matters, as does commute time to the city center for those who still travel downtown.¹⁸ The lower-density development pattern means competition might be less geographically concentrated than in urban cores. The increasing appeal of suburbs due to factors like remote work flexibility and the search for affordability has boosted demand for garden-style living in recent years.²¹

While the distinction is useful, the lines between urban and suburban are blurring in some aspects. Suburban areas are increasingly incorporating mixed-use developments and enhanced amenities, seeking to offer some urban conveniences.²¹ However, fundamental differences in density, lifestyle orientation, primary travel modes (car dependency vs. public transit/walking), and sensitivity to specific economic drivers (e.g., downtown office vacancy vs. retail health in suburban corridors) remain. These underlying contextual differences continue to shape distinct turnover pressures on high-rise versus garden-style properties based on their typical locations.

Effects of Market Conditions

Broader market conditions overlay the property-specific characteristics and location factors, often acting as powerful, market-wide influences on turnover:

• Supply Levels: The volume of new apartment construction is a critical determinant of turnover dynamics. The record or near-record levels of supply delivered nationally in 2023 and 2024, expected to persist through much of 2025, have created intense competition.²⁸ This oversupply, particularly pronounced in Sun Belt markets initially but affecting many areas, gives renters significantly more choices.²⁴ This can lead to higher turnover as residents “shop around” for better deals or newer properties, often attracted by concessions offered during lease-up.⁴² Alternatively, and perhaps more prominently in the current climate, intense competition forces operators across all property types to become highly aggressive in their retention efforts – offering renewal incentives, improving service levels, and potentially limiting rent increases to keep existing residents from leaving.³³ This defensive strategy can artificially suppress turnover rates below what might be expected based purely on renter choice. Conversely, markets with low supply relative to demand tend to see lower turnover, as residents have fewer viable alternatives if they wish to move.²⁴ The geographic distribution of new supply is also key – a surge in downtown high-rise construction directly impacts competing high-rises, while suburban garden-style deliveries affect that specific submarket.²¹
• Job Growth: As established, strong local job growth generally correlates with higher population mobility and thus higher apartment turnover.²⁴ People move to take new jobs or follow career opportunities. This effect might be amplified in markets or property types (like urban high-rises) that attract more career-focused or younger demographics. Weak job growth or economic contraction tends to suppress mobility and lower turnover, as residents prioritize stability and may lack the financial means or incentive to move.²⁴ The type of job growth also matters; for example, a tech boom might disproportionately impact rent and turnover in specific urban submarkets with high concentrations of tech workers and related housing.⁵⁹
• Economic Climate and Affordability: General economic conditions influence residents’ ability and willingness to move. Recessions typically reduce turnover due to financial uncertainty and reduced job mobility.²⁷ Periods where wage growth outpaces rent growth can improve affordability and support retention.³⁷ Conversely, high inflation, significant rent burdens relative to income, or widespread job losses can force residents to seek cheaper housing, increasing turnover.⁴⁸ Systemic housing affordability crises, where both rental and for-sale options are severely constrained, can paradoxically lower turnover by limiting residents’ ability to find suitable alternative housing.⁶⁰
• Regional Differences: Turnover rates exhibit significant geographic variation.²⁴ Analysis consistently shows that markets in the Northeast and Midwest tend to have lower turnover (higher retention) compared to markets in the South and West (Sun Belt).²⁸ This pattern aligns with underlying differences in factors like median resident age (typically older in the Northeast/Midwest), historical job growth rates (often slower), population migration patterns, and potentially more restrictive housing supply environments in some established coastal and Midwest metros.²⁴

A crucial takeaway is that prevailing market conditions can significantly influence, and sometimes even override, the inherent turnover tendencies associated with a specific property type. For instance, while high-rises might naturally have higher turnover due to demographics, a severe recession could lead to very low turnover even in high-rises as residents prioritize stability. Similarly, the current high-supply environment is forcing aggressive retention strategies across both high-rise and garden-style segments ³³, potentially compressing the typical difference in turnover rates between them. Therefore, analyzing turnover requires weighting the current market context heavily alongside the building’s intrinsic characteristics.

Synthesis and Conclusion

The question of whether resident turnover is consistently higher in high-rise apartments compared to garden-style apartments requires a nuanced answer, synthesizing the inherent characteristics of each property type with the powerful influence of market dynamics and operational factors.

 Direct Comparison and General Tendencies

A review of the evidence, including historical data, investment performance analysis, and consideration of typical resident profiles, suggests a general tendency for garden-style/low-rise apartments to exhibit lower turnover (higher retention) rates compared to high-rise apartments.

• Data from RealPage in 2021 clearly showed higher retention in garden/low-rise (58%) versus high-rise (51%) properties.³⁰
• NAA survey data from 2020 highlighted regional examples where garden properties had lower turnover than mid-rise/high-rise counterparts.²⁹
• Investment analyses indicate that while total returns might be similar, garden-style properties have historically offered slightly better risk-adjusted returns, suggesting greater stability potentially linked to lower turnover.⁶³
• Anecdotal evidence and industry observations often associate older, Class B/C properties (frequently garden-style) with lower turnover compared to newer, Class A assets (often high-rises).⁴⁵
• This tendency aligns logically with the typical characteristics: garden-style properties often attract more stability-focused demographics (families, older renters) seeking affordability and community in suburban settings ¹¹, while high-rises cater to younger, more mobile professionals in dynamic urban environments with intense luxury market competition.¹

Table 3: Data Snapshot: Comparative Turnover/Retention by Property Type

Complexity, Conflicting Data, and Market Influence

Despite the general tendency observed, several factors complicate a definitive conclusion:

• Definitional Variations: As noted earlier, inconsistent definitions of “high-rise” and “garden-style” across different studies and data sources can impede direct comparisons.⁴
• Historical Fluctuations: Turnover rates are not static. Older data points, like the 61% turnover reported for garden-style in 2001 ²⁶, show that rates can vary significantly over time depending on the prevailing economic and housing market cycles.²⁷
• Overriding Market Conditions: The current multifamily market (circa 2023-2025) is heavily shaped by an unprecedented wave of new supply.³⁵ This has forced operators of all property types to aggressively focus on resident retention through enhanced service, competitive pricing, and concessions.³³ This market-wide pressure may be temporarily compressing the typical turnover differences between high-rise and garden-style apartments, leading to the observed overall increase in retention rates across the board.³¹
• Management Impact: Property management quality is a critical factor influencing turnover, regardless of building type.⁴⁸ A poorly managed garden-style property could easily experience higher turnover than a well-managed high-rise, and vice versa.
• Local Dynamics: Turnover is ultimately a local phenomenon. National trends provide context, but specific rates depend heavily on local job growth, supply pipelines, affordability levels, and demographic shifts within a given metropolitan area or submarket.²⁴

 Concluding Statement

Based on the available evidence and analysis of underlying factors, there is a demonstrable tendency for high-rise multifamily apartments to experience higher average resident turnover rates compared to garden-style apartments. This difference appears rooted in the distinct characteristics of each property type, including their typical locations (urban vs. suburban), the demographic profiles they attract (younger/more mobile vs. families/more settled), the level of competition within their respective market segments (luxury vs. value-oriented), and the lifestyle priorities they cater to.

However, this conclusion must be heavily qualified. The difference in turnover is not absolute and can be significantly influenced, or even temporarily reversed, by specific market conditions, particularly the balance between housing supply and demand, local job market health, and overall economic stability. The current high-supply environment is a prime example of market forces potentially muting historical differences by necessitating a strong focus on retention across all property types. Furthermore, the quality of property management and resident services is crucial in retention outcomes, irrespective of building design.

Therefore, while investors and operators can anticipate a baseline tendency for higher turnover in high-rise assets, strategic decisions should not rely solely on this generalization. A thorough analysis of the specific property, its target market, the quality of its operations, and the prevailing conditions within its local submarket is essential for accurately forecasting and managing resident turnover.

 Future Outlook

Looking ahead, evolving trends could continue to shape the turnover dynamics between these property types. The persistence of remote and hybrid work models may sustain demand for larger units and potentially bolster suburban garden-style appeal.²¹ The housing preferences of maturing Millennial and emerging Gen Z renters will be critical.⁶³ Additionally, as the current wave of supply eventually subsides, potential future housing shortages ⁴⁰ could again alter the competitive landscape and influence retention patterns across the multifamily spectrum. Continuous monitoring of these trends will be necessary to understand the ongoing relationship between apartment building type and resident turnover.