May 31, 2024
(press release)
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U.S. renters are less likely to move than they were a decade ago, as soaring housing costs have priced many out of homeownership SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — One in six (16.6%) U.S. renters stayed in their home for 10 years or more in 2022, up from 13.9% a decade earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin also analyzed renter tenure by other timeframes: “The uptick in tenure is beneficial for renters and their landlords,” said Redfin Senior Economist Sheharyar Bokhari. “While the fact that people are staying longer in their rentals may mean they can’t afford to buy a home in today’s market, staying put also means they’re saving some money that could eventually go toward a down payment if they do have a goal of homeownership. Staying in the same home means they’re likely to face smaller rent increases, and they’re saving money on moving costs and application fees. Landlords typically prefer long-term tenants because they don’t have to spend money on cleaning and marketing vacant units.” There are a few main reasons renters are staying put in their homes longer than they used to: Renters move less often than they did a decade ago, but they move much more often than homeowners. Just one in five (20.8%) renters nationwide moved in 2022, down from 28.9% in 2012. Just 7.6% of homeowners moved in 2022, up slightly from 6.4% in 2012. Bokhari noted that it’s possible we could start to see renter tenure decline soon. There was an apartment-building boom in 2023, giving renters more options for places to move and cooling rental-price growth. Young renters more likely to move often than older renters Gen Z renters are much more likely than renters of other generations to move within one year, while baby boomers are much more likely to live in their rental for 10-plus years. There are several reasons young renters move a lot. Many adult Gen Zers are in college or in the early stages of their career, life stages that often beget moves. They also have more flexibility because they’re less likely than millennials and Gen Xers to have children living at home. Additionally, many Gen Zers and millennials move out of rentals into the first home they purchase. Metro-level highlights: Where renters stay in their homes longer The 50 most populous U.S. metros are included in this section To view the full report, including charts, metro-level summaries and methodology, please visit: About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Released May 31, 2024
https://www.redfin.com/news/renters-staying-put-longer
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