Recent data reveals a significant shift in renter behavior in the United States. Approximately 33.6% of renters have lived in the same residence for at least five years. This marks an increase from 28.4% a decade ago, highlighting a trend towards longer tenure in rental properties.
The data, derived from a U.S. Census Bureau analysis, underscores a growing trend: renters are staying longer in their homes amid rising home prices and persistent rental costs. This reluctance to relocate is especially notable among older generations, particularly baby boomers. In fact, over a third of renters in this demographic have settled in their current residences for at least a decade, with 56% remaining in the same place for over five years.
Conversely, younger renters, especially those from Generation Z, exhibit more mobility. Over half of Gen Z renters lived in their current homes for less than a year in 2023, a pattern likely influenced by life pursuits such as education and career opportunities. This generational divide highlights different motivations and circumstances affecting residential stability.
Metro-specific data paints a varied picture across the country. Renters in cities like Denver, Austin, and Salt Lake City moved more frequently, reflecting shifts caused by the pandemic. These metros saw the highest proportions of renters relocating within 12 months, with Denver leading at 38%. Meanwhile, areas like New York, Los Angeles, and Riverside reported lower mobility rates, attributed to prohibitive housing costs.
The barriers to homeownership significantly impact renter behavior. As noted by a senior economist, monthly mortgage payments have surged over the last decade, effectively sidelining many potential buyers. This financial pressure, coupled with minimal rent changes in certain markets post-pandemic, has acted as a tether, keeping renters in place.
In 2023, nearly one in six renters stayed in their homes for 5 to 9 years, a jump from 14.4% in 2013. Similarly, 16.6% stayed in the same home for over a decade, rising from 13.9% ten years prior. The continuum of stable tenancy underscores the broader economic factors influencing renter decisions.
City-specific insights also reveal a stark contrast in rental stability. In large metros like New York and Los Angeles, over 20% of renters have lived in their homes for more than ten years. Conversely, cities such as Austin, Raleigh, and Orlando see fewer long-term renters, indicating a more transient population. This discrepancy reflects the diverse economic landscapes and housing challenges in different regions.
The findings, based on the American Community Survey, reflect a nuanced picture of rental trends and underscore the economic realities facing today’s renters. With the recent construction boom offering more apartment options and home prices remaining high, the rental market in 2025 is poised to see even more Americans opting to lease rather than buy.
The rise in long-term rental stays marks a significant shift in the housing market, driven by economic pressures and lifestyle choices. With a third of U.S. renters now staying put for over five years, the data reveals a changing landscape characterized by both financial constraints and evolving generational behaviors. As housing challenges persist and new housing options emerge, the trend toward stable renting is likely to continue.
Source: Redfin
