Redfin: Renters Staying in Homes Longer

(Image courtesy of Redfin; Breakout image courtesy of Max Vakhtbovycn/pexels.com)

Redfin, Seattle, released a new analysis finding that over a third–33.6%–of renters have lived in the same home for at least five years.

That’s up from 28.4% 10 years ago.

Redfin analyzed U.S. Census Bureau data on renters from 2023 for the analysis.

A majority of renters still do leave within five years–25.6% move within a year and 40.8% move in the 1-4-year range.

On the flip side, 17% have lived in the same property between 5-9 years in 2023, compared with 14.4% in 2013. And, 16.6% have been in their rental unit for more than 10 years, compared with 13.9% in 2013.

“Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home,” said Redfin Senior Economist Sheharyar Bokhari. “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.”

Age matters when it comes to such trends, Redfin found. For Baby Boomers, 34.1% have stayed in the same rental home for at least 10 years, and 56% have been there for more than five years.

But, more than half of Gen Z renters–52.4%–have lived in their home for less than a year.