Multiple factors are leading renters to remain in place for longer periods of time, a new study by Redfin shows. It found that one in six, or 16.6%, of renters stayed in their home for 10 years or more in 2022, up from 13.9% a decade earlier. Other timelines were measured with similar results.
For instance, one in six (16.4%) lived in their home for five to nine years in 2022, up from 14% a decade earlier. However, the lion's share of renters stay put for one to four years. Just over two in five (41.8%) stayed in their home for one to four years in 2022, up from 39.9% a decade earlier.
The only category that showed a decrease were the renters that stayed in their units 12 months or less. In 2022, one-quarter, or 25.2% of renters, stayed in their home for 12 months or less before moving. That's down from 32.2% in 2012.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
