Apartment residents are staying in their homes longer than before. According to Redfin, in 2022, one in six renters stayed in their home for at least 10 years. One in six residents are also in their apartments from five to nine years, while just over two-fifths of renters are in their homes from one to four years.
Despite the recent uptick in co-living arrangements and other shorter leasing styles, a quarter of renters stayed in their homes for 12 months or less prior to moving in 2022, which is down from just under a third a decade earlier. In fact, this was the only timeframe to see a decrease compared to 2012.
The report gives several reasons for the increased length of stay. This includes the rise in the cost to homeownership, the increase in rents, renting by choice and the lack of available homes.
The generation gap can be witnessed in the data, as 55.5% of Gen Z renters stayed in their apartments for 12 months or less, compared to just 28.8% of Millennials and 13.3% of Baby Boomers. Half of Millennials have lived in their apartment for one to four years, while about two-fifths of Gen X residents have been in their units between one and four years.