JACKSONVILLE, Fla. – Higher home prices and rising mortgage rates are reshaping rental trends, with many renters choosing to stay put longer than ever before.
A 2023 study by real estate platform Redfin highlights this shift, revealing that more than a third of renters have lived in the same home for at least five years.
This marks a significant increase from a decade ago, when just 28% of renters could say the same.
Nearly 17% of renters have stayed in their homes for five to nine years, according to the data.
Baby Boomers are the most likely to remain long-term renters, with over half of this generation living in their current rental for five years or more.
Experts attribute the trend to the skyrocketing costs of homeownership.
While home prices and interest rates have climbed steadily, a record number of new apartments hitting the market has helped stabilize rent prices in many areas. This dynamic has made renting a more attractive and practical option for many.
In Jacksonville, the data paints a similar picture. About 38% of renters have lived in their current homes for at least one year—a nearly 6% increase from 2013.
Additionally, nearly 9% of renters have been in their homes for a decade or longer, compared to roughly 7.5% a decade ago.