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.”
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Meanwhile, small multifamily buildings containing between five and 40 rental units tend to attract a longer-term household. About 29% of households living in small multifamily buildings were on their first lease, and nearly 60% remained longer than two years while 30% remained in the same unit for five years. These properties, which are concentrated in dense urban cores and slightly beyond, usually are less expensive per square foot and more spacious than large multifamily units in the same community, said Chandon.
Further outside of downtown centers, two-to-four-unit properties attract even greater tenant longevity. Only 24% of households in these buildings are on their first lease and 65% have lived there for longer than two years. About 36% of households in these properties have remained for more than five years.
Finally, single-family rentals (SFR) are primarily occupied by those who have set down roots, said the report. Only about one-fifth of SFR households have lived in their current unit for less than a full year, and 68% have made it to their third lease, the highest of any rental property type. Nearly 40% of SFR tenants have remained in place for more than five years.
“On a relative basis, an incoming SFR renter is roughly 40% more likely to turn into a five-plus-year tenant than an incoming large multifamily renter,” the report said.
SFRs are more likely to be occupied by families with children than any other property type, which Chandon said is a significant factor influencing moving and leasing decisions.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
