Redfin Reports Renters Are Staying Put Longer, With 1 in 6 Now Living in The Same Home For 10 Years or More
31 Maio 2024 - 9:00AM
Business Wire
U.S. renters are less likely to move than they
were a decade ago, as soaring housing costs have priced many out of
homeownership
(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:
- 5-9 years: One in six (16.4%) lived in their home for
five to nine years in 2022, up from 14% a decade earlier.
- 1-4 years: The lion’s share of renters stay put for one
to four years. Just over two in five (41.8%) stayed in their home
for one to four years in 2022, up from 39.9% a decade earlier.
- 12 months or less: One-quarter (25.2%) of renters stayed
in their home for 12 months or less before moving in 2022. That’s
down from 32.2% in 2012.
“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 are priced out of homeownership. The median U.S.
home-sale price has more than doubled since 2012, and it has risen
more than 40% since 2019 alone, and mortgage rates are elevated
near two-decade highs. That makes it difficult for renters to save
for down payments and monthly mortgage payments, and encourages
them to stay put.
- Rental prices have risen, too. Asking rental prices have
also soared, increasing more than 20% since 2019, discouraging
people from moving from one rental to another.
- Renting as a lifestyle has risen, too. The
pandemic-driven rise in remote work encouraged some Americans to be
renters rather than homeowners so they could easily relocate for
jobs or lifestyle without being tied down to a home they own. Some
renters also choose to invest their money in places other than real
estate. That increases renter tenure because those are the people
who may have otherwise moved out of a rental into a home they
purchased.
- One thing that hasn’t risen enough: supply of homes for
sale. There are far fewer homes for sale in the U.S. than there
were a decade ago. Even the renters who can afford to become
homeowners—and want to—may not be able to find a home to buy.
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.
- Gen Z: More than half (55.5%) of Gen Z renters stayed in
their home for 12 months or less as of 2022, and another 40.6%
stayed for one to four years. Just under 4% of Gen Z renters have
lived in the same place for five-plus years.
- Millennial: 28.8% have lived in their home for 12 months
or less, and 50.7% have lived there for one to four years. Roughly
20% stayed for five-plus years.
- Gen X: The lion’s share of Gen X renters (39.5%) stayed
in their home between one and four years, while just 17.1% stayed
for 12 months or less. Roughly 22% stay for 5 to 9 years, and
another 22% stay for 10 years or longer.
- Baby boomers: Roughly one-third (32.9%) of baby-boomer
renters have lived in their home for 10-plus years, and another
one-third (32.2%) have lived there for one to four years. Just over
one in five (21.5%) have lived in their home for 5 to 9 years, and
13.3% have lived there for 12 months or less.
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
- Renters move most often in Austin, TX, where 38.2% of renters
stayed put for 12 months or less in 2022. That’s the highest share
of the 50 most populous U.S. metros. Next come Denver (34.4%) and
Nashville, TN (34.4%).
- Renters stay put longest in New York, where just 15.8% of
renters moved in 12 months or less in 2022. Next come Riverside, CA
(16.5%) and Los Angeles (17.5%). That’s partly because it’s
expensive to buy a home or sign a new lease in those metros,
discouraging renters from moving; staying put allows renters to
stay in areas where there’s opportunity for jobs and desirable
schools even if they cannot afford to buy a home.
- Renters move less often than a decade ago in all but one of the
metros in this analysis (San Jose, CA is the exception). Roughly
one-quarter (24.8%) of Las Vegas renters stayed in their home for
12 months or less in 2022, down from 42.4% in 2012, the biggest
decline. Next come Riverside, CA (16.5%, down from 32.8%), and
Atlanta (25.8%, down from 37.8%).
- Renters in San Jose, CA, San Francisco and Boston are just
about as likely to move within a year as they were a decade ago. In
San Jose, 30.3% of renters moved in 12 months or less in 2022, up
slightly from 29.1% in 2012. In San Francisco, it’s 23.8%, down
slightly from 24.6%. And in Boston, it’s 26.5%, down from
27.3%.
To view the full report, including charts, metro-level summaries
and methodology, please visit:
https://www.redfin.com/news/renters-staying-put-longer
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240531034478/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
Redfin (NASDAQ:RDFN)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Redfin (NASDAQ:RDFN)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024