More Renters Are Staying Put Longer: A Shift in Housing Trends

 


Trending: A recent study by Redfin reveals a significant shift in the rental market. One in six renters (16.6%) now stays in their home for ten years or more, up from 13.9% a decade ago. Additionally, 16.4% live in their homes for five to nine years, showing increased stability.


Decline in Short-Term Rentals (STRs): The only category experiencing a decrease is renters staying for 12 months or less (25.2% in 2022 compared to 32.2% in 2012). This points to a preference for more stable rental arrangements.


Cost Savings and Landlord Benefits: Staying longer in the same unit allows renters to save on moving expenses and application fees. Landlords also benefit from long-term tenants, reducing costs related to cleaning and marketing vacant units.


Rising Rental Prices: Soaring rental prices (over 20% since 2019) discourage frequent moves. Meanwhile, the median U.S. home-sale price has doubled since 2012, making homeownership less attainable and keeping renters in place.


Geographic Variations: Renters in Austin, TX, move most frequently (38.2% staying for 12 months or less), while New York, Riverside, CA, and Los Angeles have the longest stays due to high housing costs.


The Takeaway: Longer rental tenures reflect cost-saving strategies, rising prices, and lifestyle choices. It's a shift in how people approach housing stability and financial planning¹. 🏡💡


Sources:

(1) Renters are staying put and what it means for housing affordability .... https://www.foxbusiness.com/lifestyle/renters-staying-put-what-does-mean-housing-affordibility.

(2) US Renters Are Staying Longer in Their Homes. https://www.msn.com/en-us/money/realestate/us-renters-are-staying-longer-in-their-homes/ar-BB1nyZIQ.

(3) Redfin: Renters Are Staying Put Longer. https://www.floridarealtors.org/news-media/news-articles/2024/06/redfin-renters-are-staying-put-longer.

(4) Redfin Reports Renters Are Staying Put Longer, With 1 in 6 Now Living .... https://finance.yahoo.com/news/redfin-reports-renters-staying-put-120000847.html.

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