Reported 6 months ago
An analysis by Redfin shows U.S. renters are staying in their homes longer, with 16.6% residing for 10+ years in 2022 compared to 13.9% in 2012, while short-term renters (within 12 months) decreased to 25.2%. Factors contributing to this trend include soaring home prices, elevated mortgage rates hindering down payment savings, and rising rental costs. Many renters are opting for longer stays to save money and benefit landlords, and a rapid apartment construction boom in 2023 might reverse this trend by offering more housing options.
Source: YAHOO