Multifamily Rent Growth Calculator

Rent growth blend across new + renewal drives top-line NOI gains.

Current monthly revenue

Renewal share %

Renewal growth %

New lease growth %

Blended growth %

0.04%

Annual revenue uplift

$184,800

New annual revenue

$4,384,800

How the math works

Blended = renewal share × renewal growth + (1 − share) × new lease growth.

55% × 3.5% + 45% × 5.5% = 1.93% + 2.48% = 4.41% blended × $4.2M = $185k uplift.

How to Use

Enter current monthly revenue.
Enter renewal share %.
Enter renewal growth %.
Enter new lease growth %.
Read blended growth %.

Frequently Asked Questions

Rent growth dynamics?

New lease growth typically 2–4 points higher than renewal due to mark-to-market. 2024–2025 environment: 3–6% new vs 1–4% renewal in most metros. Sun Belt: above-market rent growth in 2021–2022 (15%+) reverted to 1–4% in 2024+. Northeast/Midwest: more stable 2–4% range. Loss-to-lease: gap between street/face rent and current lease rates, 2–6% typical. Best operators capture 60–80% of LtL annually through aggressive renewal pricing.

How does this support multifamily underwriting?

Multifamily acquisition and operations teams use this calculator alongside rent roll, T-12 P&L, expense ratio benchmarks, and comp set rents. Pair with a unit-level upside model and concession reconciliation. Sensitivity testing on rent growth, expense growth, and exit cap is essential — small changes compound on stabilized NOI and IRR.

Class A vs B vs C variance?

Class A: newer construction, premium amenities, higher rents but lower yield, lower expense ratio (~35–45%). Class B: 1990s–2000s build, value-add target, mid yield, expense ratio 40–50%. Class C: 1970s–1980s, deep value-add or workforce, higher yield but higher expense ratio (45–60%) and capex burden. Adjust assumptions to class.

When does this metric actually move the deal?

Single-line items rarely change a deal materially, but stacked operational improvements compound. A 3% rent increase + 1.5% expense reduction + 50 bps cap compression = 25–40% IRR uplift over 5 years. Use this calculator alongside others in the operations stack to identify the best 3–5 levers to focus on post-close.