Renewal rent growth has been carrying the rental market—but how long can that last?

In Part 2 of this in-depth conversation, Marc Cunningham continues his discussion with Jesse Lederman, Chief Financial Analyst at Zelman, breaking down the less-talked-about forces shaping the 2026 rental market. This episode dives into renewal rent growth versus new move-in pricing, blended rent growth, days on market, turnover, maintenance costs, and shifting investor behavior.

Marc and Jesse explain why renewals have outpaced market rents, how renter "friction" is delaying price corrections, and why that dynamic may not be sustainable forever. They also unpack why days on market remain elevated, what annualized turnover really means for operators, and why maintenance and capital expenses unexpectedly declined in late 2025.

The episode closes with a look at investor demand—why institutional buyers have pulled back while individual investors appear more opportunistic—and the early signs of stabilization heading into the spring leasing season. If you're advising owners, setting 2026 budgets, or managing expectations during a slower cycle, this episode gives you the data-backed context you need.

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