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A new report from Redfin says renters are moving less than ever, with a third staying in the same home for at least 5 years. They say the soaring cost of buying a home has pushed many to stay put for longer and the high cost of moving has also discouraged renters from moving regularly. To produce their report, Redfin analyzed 2023 renter tenure data from the U.S. Census Bureau.
“Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home…Rents spiked during the pandemic, but have stayed relatively flat over the past two years as home prices and mortgage rates continued to climb. That has encouraged renters to stay in the same home, where they are less likely to face major rent increases. The recent construction boom has also led to a record number of new apartments hitting the market, keeping rents down and setting 2025 up as a renter’s market where more Americans will choose to rent, or remain renters.” Said Redfin Senior Economist Sheharyar Bokhari.
Some key points:
- 33.6% of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago.
- Nearly one in six (17%) renters had lived in the same property between 5-9 years in 2023.
- Baby boomers stay put the longest, with more than a third having been in their rental at least a decade.
- Gen Z renters move the most, with more than half having lived in their current home for less than a year.
- Renters move most often in Denver, Austin and Salt Lake City.
- They stay put longest in New York, Los Angeles and Riverside.
Click here to read the full report at Redfin.
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