Renter migration is the sleeping giant that apartment communities won’t want to ignore.

The multifamily industry is buzzing about record-breaking occupancy rates as renters seek new living situations suited to their needs. This may tempt leasing teams to relax their multifamily marketing initiatives, but resident retention will be one of the biggest challenges moving forward.

Owners and operators should be wary of getting caught in the “occupancy fallacy” — the idea that high occupancy rates in the near term will alleviate vacancy concerns longer term.