Renters aren't moving: 1 in 6 live in same home for 10 years or more, report says

SEATTLE - A new report shows that U.S. renters are less likely to move than they were a decade ago, underscoring the high cost of housing and the rise of remote work. 

Real estate company Redfin analyzed data from the U.S. Census Bureau’s American Community Survey, which was conducted in 2022 – the most recent year for which the data is available. The survey asked respondents whether they moved within the last year, and they received the survey at different points throughout the year.

The report found that most U.S. renters move within five years, but they’re more likely to live in one home for the long haul than they were a decade ago. 

According to the findings, one in six (16.6%) renters stayed in their home for 10 years or more in 2022, up from 13.9% a decade earlier. 

An apartment for rent sign is posted in South Pasadena, California on October 19, 2022. (Credit: Frederic J. BROWN / AFP via Getty Images)

In addition, another one in six (16.4%) of renters lived in their home for five to nine years, up from 14% a decade earlier. 

While one-quarter (25.2%) of renters stayed in their home for 12 months or less before moving, the number is 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." 

The report found that Gen Z renters were much more likely than renters of other generations to move within one year, while baby boomers were much more likely to live in their rental for 10-plus years. 

‘Forever renters’ on the rise

The new report lines up with another emerging trend dubbed "forever renters" – as some Americans are opting to rent instead of buying a home.

FOX Business reported that a portion of "forever renters" are of the "higher-end" demographic and have an eye for apartments with large-scale rooms, sophisticated aesthetics and kid-friendly amenities. 

SHARED: New real estate trend: Meet the 'forever renters'

This news comes as home prices continue to rise. According to Redfin, the median U.S. home sale price has more than doubled since 2012, and it has risen more than 40% since 2019 alone.

Rental prices have also soared, increasing more than 20% since 2019, discouraging people from moving from one rental to another. 

RELATED: Housing is expensive for a record half of American renters, study shows

"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," Bokhari continued, adding, "Landlords typically prefer long-term tenants because they don’t have to spend money on cleaning and marketing vacant units."

Rental prices may come down soon

However, Bokhari noted that it’s possible that Americans could start to see renter tenure decline soon. An apartment-building boom in 2023 has given renters more options for places to move. 

This means prices may start to cool, according to experts.

RELATED: Rent prices are changing thanks to 'apartment-building boom' – what renters should expect

In 2023, median monthly rent prices hit a high of over $2,000, "mainly due to high mortgage payments that pushed potential buyers into the rental market instead," Redfin chief economist Daryl Fairweather told FOX News Digital. 

"However, prices have since changed due to an apartment-building boom," she continued. "There are many vacant properties right now, and the supply jump has caused landlords to lower prices."

This story was reported from Los Angeles.