Large multifamily properties tend to have the most transient renter mix, with 30.5% of rental households in structures with 50 or more rental units on their first lease, the highest share of any property type. About 55% of these households remained in the same unit for longer than two years, and only about 28% stayed for longer than five years.

This is according to an analysis by Chandon Economics, which studied 2023 Census Bureau data to find out how tenancy duration differs across rental property types.

“The tenancy trends for large multifamily properties depict an occupant base that turns over frequently,” the report said. “These properties tend to be in dense urban centers and are more likely to support high levels of amenitization. Units in large multifamily properties are also typically smaller and more expensive on a per-square-foot basis.”