In today’s housing market, moving to a new apartment is no longer as common as it once was. According to a recent report from RentCafe, apartment renters across the United States are staying in their current homes longer, with turnover rates hitting record lows — and no place reflects this trend more than New York City.
National Rental Trends: Americans Stay in Apartments Longer
Across the U.S., the average renter now stays in their apartment for about 28 months, a figure that has steadily risen in recent years. Factors like rising mortgage interest rates, economic uncertainty, limited housing inventory, and high home prices have made it more difficult for renters to transition into homeownership. As a result, more people are choosing to renew their leases instead of relocating.
“Historically, rental turnover would spike during summer, especially among younger renters and students,” says Doug Ressler, a housing expert with Yardi Matrix. “But now, people are simply staying longer. The cost and hassle of moving, along with economic headwinds, are keeping renters rooted in place.”
New York City: Where Renters Stay the Longest
While renters nationwide are staying longer, New Yorkers are setting the pace. According to the RentCafe data:
-
Manhattan renters stay in their units an average of 38 months
-
Brooklyn renters: 42 months
-
Queens renters: 51 months
These figures are significantly higher than the national average and underscore how competitive and expensive New York’s housing market has become.
Why Are Renters Staying?
Several key factors are driving this trend:
-
Unaffordable Housing Market:
Mortgage rates remain near 20-year highs, hovering around 7%, pushing monthly payments well beyond what many renters can afford. Even those with stable incomes struggle to make the leap into homeownership, especially in urban centers where prices are elevated. -
Rental Demand Outpacing Supply:
Despite new apartment buildings going up in some cities, the U.S. still faces a chronic housing shortage that has been building for over a decade. In cities like New York, available units are snapped up quickly, and even modest apartments attract bidding wars. -
Rising Costs of Moving:
Moving is expensive. Aside from the logistical costs, renters often face steep application fees, security deposits, and potential rent hikes when switching units. Staying put allows them to avoid those added financial burdens. -
Community and Familiarity:
Many renters value their local neighborhoods, social networks, and school districts. Uprooting from familiar surroundings has both financial and emotional costs, particularly for families. -
Delayed Homeownership:
The median age of first-time homebuyers has now risen to 36, a historic high. More young adults are choosing—or being forced—to rent longer due to student debt, inflation, and uncertain job markets.
What This Means for the Rental Market
The current dynamic has major implications for landlords, developers, and renters alike:
-
For landlords, high lease renewal rates mean more stability and less need to spend on marketing or turnover repairs.
-
For developers, it signals strong ongoing demand for rental housing, especially in urban markets.
-
For renters, competition for the limited number of available units during peak rental season (typically late summer) will remain fierce.
Even as new construction picks up in some regions, it is unlikely to close the housing gap anytime soon. Industry experts believe it could take years—if not a decade—to fully address the supply shortage.
Looking Ahead
With economic conditions still uncertain, and housing affordability worsening in many parts of the country, the trend of renters staying longer is expected to persist. In markets like New York City, where rents are sky-high and homeownership is increasingly out of reach, renters may find that staying put is not only the safest option—but the smartest one.
