US renter mobility rates reach long-term lows

Data from the U.S. Census and Harvard University’s Joint Center for Housing Studies indicates a significant decline in renter mobility. Renter mobility rates have dropped from 29.5% in the early 2000s to 18.1% in 2024.

This trend extends to general household movement, with U.S. households changing addresses at a rate of 11.2% in 2024, the lowest figure recorded in the American Community Survey. Analysts suggest that elevated mortgage rates are causing homeowners to hold onto properties longer, which in turn impacts the broader housing landscape.

Redfin reports further highlight this stagnation: the median duration for homeowners staying in a house has nearly doubled from 6.5 years in 2005 to 12 years currently. Additionally, one-third of renters have remained in the same residence for five years or more, an increase from 28.4% a decade ago.