03:49 PM EDT, 05/31/2024 (MT Newswires) -- US renters stuck with their current homes in 2022 for longer than they did a decade ago because of factors including surging housing costs and a rise in remote work, a Redfin (RDFN) report showed Friday.

Roughly 17% of renters stayed put for at least a decade in 2022, up from 14% a decade earlier, while 16% lived in their homes for five to nine years, up from 14% in 2012, the real estate brokerage said, citing an analysis of renter tenure data from the US Census Bureau's American Community Survey conducted in 2022. Almost 42% stayed in their homes for one to four years, up from 40%, while 25% stayed put for 12 months or less before moving, down from 32% in 2012, according to the report.

The increase in renter tenure is beneficial for both tenants and their landlords, Redfin Senior Economist Sheharyar Bokhari said.

"While the fact that people are staying longer in their rentals may mean they can't afford to buy a home in today's market, staying put also means they're saving some money that could eventually go toward a down payment if they do have a goal of homeownership," Bokhari said. Long-term tenants are generally preferred by landlords because they don't have to bear cleaning and marketing expenses, he added.

The median sale price of homes in the US has more than doubled since 2012 and has grown more than 40% since 2019, while mortgage rates have reached almost two-decade highs. Asking rental prices have surged more than 20% since 2019, discouraging renters from switching to another rental, Redfin said.

The pandemic-driven rise in remote work encouraged some people to be renters rather than homeowners so they could relocate whenever needed. Redfin data showed that gen Z renters are more likely than renters of other generations to move to a new house within 12 months, while baby boomers are more likely to stay put for more than 10 years.

Among the 50 most populous US metros, renters move most often in Austin, Texas, and stay put the longest in New York, according to the report.

Shortage of for-sale homes means renters who can afford to become homeowners may not be able to find a house to buy. However, renter tenure could start to decrease soon amid last year's apartment-building boom, which provided renters with more options and helped cool growth in rental prices, Redfin said.

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