Renters, a growing and sizeable portion of home dwellers, are staying put longer than ever according to a new report from Redfin as one in six renters (or 16.6%) stayed in their rental home, apartment, or condo for 10 or more years according to the most recent data available, which ends in 2022. That number of renters staying put for a decade or more increased from 13.9% in 2012.
Renter tenure by other timeframes according to Redfin
- 5-9 years: One in six (16.4%) lived in their home for five to nine years in 2022, up from 14% a decade earlier.
- 1-4 years: The lion’s share of renters stay put for one to four years. Just over two in five (41.8%) stayed in their home for one to four years in 2022, up from 39.9% a decade earlier.
- 12 months or less: One-quarter (25.2%) of renters stayed in their home for 12 months or less before moving in 2022. That’s down from 32.2% in 2012.
“The uptick in tenure is beneficial for renters and their landlords,” said Redfin Senior Economist Sheharyar Bokhari. “While the fact that people are staying longer in their rentals may mean they can’t afford to buy a home in today’s market, staying put also means they’re saving some money that could eventually go toward a down payment if they do have a goal of homeownership. Staying in the same home means they’re likely to face smaller rent increases, and they’re saving money on moving costs and application fees. Landlords typically prefer long-term tenants because they don’t have to spend money on cleaning and marketing vacant units.”
Young renters more likely to move often than older renters
- Gen Z: More than half (55.5%) of Gen Z renters stayed in their home for 12 months or less as of 2022, and another 40.6% stayed for one to four years. Just under 4% of Gen Z renters have lived in the same place for five-plus years.
- Millennial: 28.8% have lived in their home for 12 months or less, and 50.7% have lived there for one to four years. Roughly 20% stayed for five-plus years.
- Gen X: The lion’s share of Gen X renters (39.5%) stayed in their home between one and four years, while just 17.1% stayed for 12 months or less. Roughly 22% stay for 5 to 9 years, and another 22% stay for 10 years or longer.
- Baby boomers: Roughly one-third (32.9%) of baby-boomer renters have lived in their home for 10-plus years, and another one-third (32.2%) have lived there for one to four years. Just over one in five (21.5%) have lived in their home for 5 to 9 years, and 13.3% have lived there for 12 months or less.
Click here to see the report in its entirety, including metro-level highlights of where renters stay in their homes the longest and the shortest.
