Over 40% remained in their home for only one to four years in 2022, while one-quarter moved within 12 months – though that figure is down from 32.2% in 2012.
Bokhari said that renter tenure will likely decline soon. An apartment-building boom in 2023 gave renters more places to move and cooled rental-price growth.
The analysis also found generational gaps, with over half of Gen Z renters staying 12 months or less compared to just 13.3% of baby boomers.
“There are several reasons young renters move a lot,” Redfin said in the report. “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.”
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