Redfin reports renters move most often in Denver, Austin and Salt Lake City. They stay put longest in New York, Los Angeles and Riverside.
SEATTLE–(BUSINESS WIRE)–
(NASDAQ: RDFN) — A third (33.6%) of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
While the majority of renters move within five years—including 25.6% moving within 12 months and 40.8% moving between 1-4 years—the soaring cost of buying a home has pushed many to stay put for longer. The high cost of moving, or paying rental brokers in cities like New York, has also discouraged renters from moving regularly.
Nearly one in six (17%) renters had lived in the same property between 5-9 years in 2023, compared to 14.4% in 2013. Nearly the same number (16.6%) stayed in the same home for 10+ years, compared to 13.9% a decade earlier.
“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.”
Older renters more likely to stay in the same home longer than younger renters
More than a third (34.1%) of baby boomers have lived in the same home for at least 10 years, the most of any generation, while 56% have stayed put for at least five years.
At the other end of the age spectrum, more than half of Gen Z renters (52.4%) had lived in their home for less than a year in 2023, the highest share among the generations.
Metro-level highlights:
The 50 most populous U.S. metros are included in this section
- Renters move most often in metros which became popular during the pandemic, including Denver, where 38% of renters stayed put for 12 months or less in 2023. That’s the highest share of the 50 most populous U.S. metros. Next come Austin, TX (37.8%) and Salt Lake City, UT (36.9%).
- Renters stay put longest in metros where the cost of buying a home is out of reach for many, led by New York, where just 14.9% of renters moved in 12 months or less in 2023. Next came Los Angeles (16.7%) and Riverside, CA (18.9%).
- Renters move less often than a decade ago in all of the 50 most populous metros in Redfin’s analysis.
- At least one in five renters stayed in the same home for more than 10 years in five of the top 50 metros: New York (32.6%), Los Angeles (27.8%), San Francisco (26.4%), Providence, RI (20.9%) and Riverside, CA (20%).
- Less than one in 10 renters stayed in the same home for more than 10 years in 11 of the top 50 metros, led by Austin, TX (6%), Raleigh, NC (8.2%), Orlando, FL (8.2%), Jacksonville, FL (8.8%) and Denver (8.8%).
To view the full report including charts, methodology and full metro-level insights, please visit: https://www.redfin.com/news/renter-tenure-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241230968972/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
Released December 30, 2024
