Baby boomers tended to stay in one place the longest compared to Gen Z renters who on average live in one spot for less than a year.
Renters in America are staying put longer than ever, according to a Redfin analysis. Redfin, which provides residential real estate brokerage and mortgage services, analyzed 2023 renter tenure data from the U.S. Census Bureau and found a third of U.S. renters have lived in the same home for at least five years. "Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home," said Redfin Senior Economist Sheharyar Bokhari.
"Rents spiked during the pandemic, but have stayed relatively flat over the past two years as home prices and mortgage rates continued to climb. That has encouraged renters to stay in the same home, where they are less likely to face major rent increases. The recent construction boom has also led to a record number of new apartments hitting the market, keeping rents down and setting 2025 up as a renter’s market where more Americans will choose to rent, or remain renters," Bokhari said.
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