Renters in the U.S. are sticking to their current homes longer than ever, according to a Redfin analysis of 2023 Census data. Nearly 34% of renters have stayed in the same home for over five years, up from 28% a decade ago. The soaring cost of homeownership, with mortgage payments nearly tripling in the past decade, is forcing many renters to stay put. “Rents spiked during the pandemic, but have remained flat as home prices and mortgage rates surged,” said Redfin economist Sheharyar Bokhari. Cities with growing apartment inventory are seeing more renters opt to remain in their current homes, especially as 2025 is predicted to be a renter’s market.