realestate

Older generations more likely to rent long-term, survey reveals

28% of American renters stay in their rentals for 7 years or more.

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merican renters are taking a more long-term approach to housing, with 62% saying it's unlikely or out of the question for them to move before the end of the year. On average, they've lived in their current home for four years, and nearly a quarter (28%) have stayed put for seven years or more.

    Baby boomers (41%) and Gen X (28%) are the most likely to remain in one place, while younger generations like Gen Z tend to move around more frequently. Despite this, many renters still experience "commitment issues" with their home, wanting a new place but feeling unready to let go of their current one.

    A third of renters (32%) regularly browse online listings, even if they're not planning on moving soon, and spend an average of 30 minutes per day scrolling through unit listings. The most popular time for this is around 2:06 p.m., with many using social media to get ideas for personalizing their rentals.

    To make their units feel more like home, renters are making modifications, such as installing storage or fixtures, even if it's not allowed by the rental agreement (38%). They're also seeking out renter-friendly decor hacks on platforms like TikTok and YouTube, with 51% of Gen Z respondents citing TikTok as a top source of inspiration.

    However, despite their efforts to customize their spaces, many renters are neglecting to invest in renters insurance. Only 40% currently have coverage, although a third (33%) reported that their belongings had been damaged in the past while living in a rental. For those who did have insurance at the time of damage, most (68%) were able to offset all or some of the costs.

    "Moving out, moving on, and making a place your own is a big part of growing up," said Sean Burgess, chief claims officer at Lemonade. "But it comes with curveballs – from leaks to break-ins – things happen when you least expect them. Having a safety net in place can make all the difference."

Seniors renting long-term, survey highlights shift in housing trends nationwide.