While resident retention has been a focus for many owners and operators, renters are still on the move. Those moving to a different rental in less than two years comprise 38% of all apartment dwellers, according to a new report from RentCafe.
Crunching the available IPUMS ACS data from 105 metros, RentCafe focused on local trends for tenancies up to two years and factored in the local share of renters and rental housing supply.
What it found was that renters moving within just two years from signing a lease were the largest group in the housing churn in 2023, down slightly from 40% five years earlier.
In 2023, 72% of Gen Z movers had only lived in their previous homes for two years or less.
“This high frequency of moving largely stems from Gen Z’s typical life stage during these years: navigating college, early careers, relationship changes, and establishing independence—all common triggers for moving into a new place,” noted the report. “Granted, the ongoing economic uncertainties, shifting housing needs driven by the pandemic, and fluctuating remote work policies likely added further layers, encouraging or prompting frequent moves.”
According to RentCafe, millennials moved less often in 2023, with 43% doing so within two years. Less frequent moves were seen for Gen X and baby boomer renters.
Where did RentCafe find the renters on the move? Twelve of the top 30 metros with high mobility rates were in the Southeast. Austin, Texas, led the way for renters changing their address. Over 50% of its renters moved to a different apartment in less than two years between 2018 and 2023. In addition, 83% of Gen Z renters moved within a two-year period as of 2023, while 54% of millennial renters also moved homes frequently.
“Austin has been one of the fastest-growing major metro areas in the U.S. for years, attracting residents from across the country and beyond. In fact, the share of renters in Austin grew by 5.8% in five years,” according to the report. “Accordingly, this fueled demand for new apartments, and developers took note by boosting the local supply by 32.4% between 2018 and 2023. This surge in apartment construction has placed the metro at No. 2 nationally for supply growth during those five years.”
Student housing market Provo, Utah, came in No. 2 for very frequent movers, boasting 60% of its renters finding a new home in under two years after signing a lease. Charleston, South Carolina; Fayetteville, Arkansas; and Denver round out the top five.
According to RentCafe, while Charleston came in at No. 3, it had the most dramatic surge in renters moving within two years. Between 2018 and 2023, the share skyrocketed 43.9%. This occurred even as the metro’s overall share of renters dipped by 4.7% during those five years. RentCafe attributed the churn to the metro’s strong and diverse job market combined with a high quality of life.
McAllen, Texas; Boise, Idaho; Austin; and Fort Meyers, Florida, also made the top five of RentCafe’s top trending move-easy hotspots.