Renters are increasingly choosing to stay put for more than a decade, as soaring home prices and tight inventory keep many on the sidelines of homeownership. Among those long-term renters, many are seeking the spaciousness offered by three-bedroom homes as they look for space to settle into for a while, according to a Point2Homes research report.
“This trend works like a seesaw: If the number of renters who move after less than a year is dropping, then long-term renters are on the rise,” said the report. “That's because renters who don't keep moving and don’t become homeowners inevitably become long-term renters.”
Millennials are part of the reason for this trend, as nearly half of this contingent has yet to buy a home, said the report. Meanwhile, the increasing price to rent is also discouraging renters from moving, while the increasing availability of build-to-rent single-family homes allows renters to expand their family or attain larger space without buying a bigger home.
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