A third of renters stayed at their rental for at least five years.

Renters are moving at a slower pace than 10 years ago. According to Redfin analysis of 2023 Census Bureau data, 33.6% of renters in the U.S. have been in the same home for at least five years. That's up from 33% in 2022; 31.7% from 2019; 28.4% from 2013; and 27.8% in 2006.

Most renters in 2023 (40.8%) moved between one and four years of living in their home, a full percentage point decline from the prior year.

Redfin Senior Economist Sheharyar Bokhari says the rising cost of monthly mortgage payments and increased construction are impacting moves. "Rents spiked during the pandemic, but have stayed relatively flat over the past two years as home prices and mortgage rates continued to climb. That has encouraged renters to stay in the same home, where they are less likely to face major rent increases," said Bokhari in a release.

Older renters are also more likely to stay longer, with 56% of Baby Boomers reaching at least five years in one rental. As age increased, so did the percentage of renters staying in one place for at least five years, with Gen Z renters reaching 4.6%; Millenials at 22.6%; and Gen X at 45.2%.