One-third, or 33.6%, of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago, finds a new report from Redfin. In 2023, 17% of renters had lived in the same property between five and nine years, compared with 14.4% in 2013, while 16.6% had been in the same home for 10 years or longer, up from 13.9% a decade ago.
According to the real estate brokerage, while the majority of renters move within five years—25.6% within 12 months and 40.8% between one and four years—soaring homeownership costs as well as high moving expenses deter households from moving regularly.
“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.”
He added that with a record multifamily supply hitting the market, 2025 is set up as a renter’s market, with more households choosing to rent or remaining renters.
The Redfin report also notes older renters are likely to remain in the same home longer than their younger counterparts. The most of any generation, 34.1% of baby boomers lived in the same home for at least 10 years in 2023; in addition, 56% had remained in the same home for at least five years. However, 52.4% of Gen Z renters had lived in their home for less than a year in 2023, which was the highest share among generations.
On a metro level, according to Redfin, renters moved most often in locales that became popular during the pandemic. This includes Denver, where 38% of renters stayed put for less than a year in 2023, followed by 37.8% in Austin, Texas, and 36.9% in Salt Lake City.
Less than 1 in 10 renters stayed in the same home for over 10 years in 11 of the top 50 metros, led by Austin, 6%; Raleigh, North Carolina, 8.2%; Orlando, Florida, 8.2%; Jacksonville, Florida, 8.8%; and Denver, 8.8%.
Renters remained longest in a home in metros where purchasing a home is out of reach for many. Just 14.9% of renters moved in 12 months or less in New York in 2023, followed by 16.7% in Los Angeles and 18.9% in Riverside, California.
At least 1 in 5 renters stayed in the same home for over 10 years in five of the top 50 metros, led by New York, 32.6%; Los Angeles, 27.8%; San Francisco, 26.4%; Providence, Rhode Island, 20.9%; and Riverside, 20%.
