U.S. Renters Are Staying Put: One-Third Have Lived in the Same Home for Over 5 Years
A recent Redfin (redfin.com) report reveals that 33.6% of U.S. renters have lived in the same home for at least five years—up from 28.4% a decade ago. This shift highlights the impact of rising homeownership costs and the financial burdens of moving, which are reshaping renters’ behavior.
Rising Costs Shape Renter Trends
While most rents still move within five years—25.6% relocate within 12 months, and 40.8% move between 1-4 years—the escalating cost of buying a home is prompting many to stay longer. “Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home,” said Sheharyar Bokhari, Redfin Senior Economist.
High moving costs, such as rental broker fees in cities like New York, have further discouraged frequent relocations. Nearly one in six rents (17%) lived in the same property for 5-9 years in 2023, up from 14.4% in 2013. Similarly, 16.6% of renters remained in the same home for over a decade, compared to 13.9% a decade earlier.
A Stabilized Rental Market
According to 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 stability has encouraged rents to stay in the same home, where they are less likely to face significant rent increases.”
Additionally, a construction boom has brought a record number of new apartments to the market, helping to stabilize rents. This influx of supply positions 2025 as a renter’s market, with more Americans likely to choose renting or remain renters.
Generational Differences in Renter Behavior
Older renters are more inclined to stay in the same home for extended periods. Over one-third (34.1%) of baby boomers have lived in the same home for at least 10 years, while 56% have stayed put for five years or more.
In contrast, younger generations, particularly Gen Z, show greater mobility. Over half (52.4%) of Gen Z renters lived in their current home for less than a year in 2023—the highest share among any generation.
Metro-Level Insights
Renters’ mobility varies widely across the 50 most populous U.S. metro areas:
- Highest Mobility: Renters move most often in metros that gained popularity during the pandemic. In Denver, 38% of renters relocated within 12 months in 2023, followed by Austin, TX (37.8%) and Salt Lake City, UT (36.9%).
- Lowest Mobility: In metros with prohibitively high home prices, renters tend to stay put longer. New York leads with just 14.9% of renters moving within a year, followed by Los Angeles (16.7%) and Riverside, CA (18.9%).
- Long-Term Stayers: At least 20% of renters have lived in the same home for over 10 years in five metros: New York (32.6%), Los Angeles (27.8%), San Francisco (26.4%), Providence, RI (20.9%), and Riverside, CA (20%).
- Short-Term Stayers: In contrast, fewer than 10% of renters stayed in the same home for over a decade in 11 metros, including Austin, TX (6%), Raleigh, NC (8.2%), and Orlando, FL (8.2%).
About Redfin
Redfin is a technology-powered real estate company dedicated to helping people find their next home. Offering services in brokerage, rentals, lending, and title insurance, Redfin operates the #1 real estate brokerage site in the U.S. Customers save thousands in fees while working with top agents and benefit from innovative tools like on-demand tours. Since its founding in 2006, Redfin has saved customers over $1.6 billion in commissions. The company now operates in approximately 100 markets across the U.S. and Canada, employing more than 4,000 people.
