Key Findings from 2023:
Nearly one in six renters (17%) stayed in the same home for 5-9 years, up from 14.4% in 2013.
33.6% of U.S. renters have lived in the same home for at least five years, compared to 28.4% a decade ago.
Rising Costs Keep Renters in Place
Most renters move within five years, with 25.6% relocating within 12 months and 40.8% moving after 1-4 years. However, the rising cost of homeownership is a significant factor keeping renters from moving.
Monthly mortgage payments have nearly tripled over the last decade, pricing many renters out of the housing market.
Costs associated with moving, such as broker fees in cities like New York, further discourage frequent relocations.
By 2023, 16.6% of renters had stayed in the same home for over 10 years, compared to 13.9% in 2013.
“The surge in home prices and mortgage rates has made renting the more stable choice for many Americans,” said Redfin Senior Economist Sheharyar Bokhari. “Even as rents spiked during the pandemic, they have stabilized recently, making it more appealing for renters to stay put.”
The increase in new apartment construction has also contributed to a more balanced rental market, positioning 2025 as a likely “renter’s market.”
Generational Trends in Renting
Baby Boomers: Over a third (34.1%) have lived in the same home for at least 10 years, the highest share among generations.
Gen Z: Over half (52.4%) of renters lived in their current home for less than a year in 2023, highlighting their mobility.
Metro Trends
High Turnover Areas: Renters move most frequently in cities that gained popularity during the pandemic, like Denver (38% moved within 12 months in 2023), Austin (37.8%), and Salt Lake City (36.9%).
Long-Term Stay Areas: In metros with unaffordable home prices, renters tend to stay longer:
New York: Only 14.9% moved within 12 months in 2023.
Los Angeles: 16.7%.
Riverside, CA: 18.9%.
In five major metros, over 20% of renters stayed in the same home for more than a decade:
New York (32.6%)
Los Angeles (27.8%)
San Francisco (26.4%)
Providence, RI (20.9%)
Riverside, CA (20%)
Conversely, in 11 metros, fewer than 10% of renters stayed for more than 10 years. Notable examples include:
Austin, TX (6%)
Raleigh, NC (8.2%)
Orlando, FL (8.2%)
Jacksonville, FL (8.8%)
Denver (8.8%)
Renters across the U.S. are moving less often than a decade ago, reflecting a broader shift in housing stability driven by financial and market pressures.
