About 1 out of every 10 renters has spent at least 10 years in their current residence, a 2% jump in the last decade, according to Redfin’s analysis of U.S. Census numbers.
Further, while most renters in the U.S. move at least once every five years, if not sooner, about 34% had resided in the same rental property for longer than that in 2023, up from around 28% in 2013.
Renters also moved less often 10 years ago in each of the 50 most populated areas of the country.
The reason most often given for staying put is the high cost of owning a home, particularly in saving for a deposit, while some do say that they prefer the flexibility and amenities that can come with apartment living.
As for homeowners, over a third of them told a Redfin survey they don’t plan on ever selling their homes.
Also, perhaps not surprisingly, younger people proved much more likely to move regularly than older renters, with most Gen Z renters saying they have lived at their current residence for less than a year in 2023.