More renters are staying in their homes longer than they did a decade ago, especially if they are baby boomers. Some 33.6% of U.S. renters have lived in the same home for at least five years, according to a new report from Redfin using 2023 data.
That statistic included the 17% of renters who had lived in the same property for five to nine years, compared to 14.4% in 2013, as well as the 16.6% who stayed put for 10 years or more, up from 13.9% a decade earlier.
The finding comes against the backdrop of the rising cost of mortgages that have eliminated the possibility of buying a home for many, while an initial spike in rents following the pandemic has moderated.
“That has encouraged renters to stay in the same home, where they are less likely to face major rent increases,” said senior economist Sheharyar Bokhari. “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.”
Nevertheless, most renters do move within five years. One in four moves within a year — especially Gen Zers — and four out of 10 pick-up sticks within four years. In contrast, 34.1% of baby boomers lived in the same place for 10 years or more — the most of any generation — and 56% remained for at least five years.
The metros most likely to see short-term renters are Denver, Austin, and Salt Lake City. Renters are most likely to hang on for longer in cities where home buying is out of reach, like New York, Los Angeles, and Riverside as well as San Francisco and Providence, RI.