By Brad Beckett
A new report from Redfin says renters are moving less than ever, with a third staying in the same home for at least 5 years. They say the soaring cost of buying a home has pushed many to stay put for longer and the high cost of moving has also discouraged renters from moving regularly. To produce their report, Redfin analyzed 2023 renter tenure data from the U.S. Census Bureau.
“Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home…Rents spiked during the pandemic, but have stayed relatively flat over the past two years as home prices and mortgage rates continued to climb. That has encouraged renters to stay in the same home, where they are less likely to face major rent increases. The recent construction boom has also led to a record number of new apartments hitting the market, keeping rents down and setting 2025 up as a renter’s market where more Americans will choose to rent, or remain renters.” Said Redfin Senior Economist Sheharyar Bokhari.
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Some key points:
- 33.6% of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago.
- Nearly one in six (17%) renters had lived in the same property between 5-9 years in 2023.
- Baby boomers stay put the longest, with more than a third having been in their rental at least a decade.
- Gen Z renters move the most, with more than half having lived in their current home for less than a year.
- Renters move most often in Denver, Austin and Salt Lake City.
- They stay put longest in New York, Los Angeles and Riverside.
Click here to read the full report at Redfin.
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By John Triplett
Zillow predicts in 2025 that rent concessions will decline and more rental properties will become pet-friendly.
“Apartment renters enjoyed a relatively friendly market in 2024, at least compared to the record rent growth seen in 2022,” Zillow said in the report.
While landlords in parts of the country have seen rents decline slightly in 2024, the report says “the share of rental listings on Zillow offering a concession — such as free weeks of rent or free parking — is at a record high.” However, the company “expects renters will not have as much opportunity to negotiate for that free month of rent by the end of 2025.”
The multifamily-construction boom is the primary reason for the rise in concessions. More multifamily units are hitting the market than at any time in the past 50 years, pushing property managers to compete for renters. “Those fireworks are predicted to fizzle in 2025, especially in the second half of the year,” the report says.
Pet-friendliness will become nonnegotiable for property managers
The report notes that renters are getting older, and they are not putting off “adulting” milestones such as moving in together or getting a pet before they buy a home.
The median age of a renter has risen to 42, and they are settling into the renter lifestyle. Fewer renters considered buying this year, as renting is more affordable in some markets.
With 58% of renters having a pet — up from 46% before the pandemic — “it is no wonder that nearly half said they passed on a particular property because it was not pet-friendly. In today’s more competitive rental landscape, not allowing pets may put property managers behind the eight ball,” the report says.
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Other highlights from the report:
- Here is where we get to the report’s bold predictions for 2025. Zillow sees Americans increasingly embracing small homes and attached options. Affordability may be the cause, but a trend toward higher densities is undeniable.
- The report projects a 2.6% home price change for 2025. That is a solid and manageable number. And there will be at least some shift in favor of buyer negotiating power, though that will be regional, such as in the southwest.
- The company highlights its “BuyAbility” feature as one way buyers can navigate the often-tricky interplay of prices and mortgage rates to help them figure out precisely what they can afford.
See the full list of 2025 Zillow predictions here
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By Ashley Wilson
Combining factors like migration trends, economic diversity, job growth, low unemployment, and recession resilience, here are the five most promising multifamily markets for investors in 2025. Each market has a unique blend of these strengths, making them robust options for steady demand and long-term growth.
1 Dallas – Fort Worth, Texas
Why It’s a Top Pick: Dallas-Fort Worth (DFW) shines due to its strong job market, affordable cost of living, and impressive migration numbers. With an influx of approximately 90,000 people in 2024, DFW is one of the fastest-growing metros in the country. The area’s job market is highly diversified, including finance, tech, manufacturing, and logistics. Major employers like Toyota, JPMorgan Chase, and American Airlines provide job security and high wages, while Texas’s business-friendly policies continue to attract both companies and residents. DFW’s mix of suburban and urban housing options meets a broad range of preferences, driving demand for both single-family homes and multifamily rentals.
Investment Highlights: High net migration, low unemployment, economic diversity, strong population growth, and affordability.
2 Phoenix, Arizona
Why It’s a Top Pick: Phoenix has been a migration hotspot, attracting those moving from
high-cost states, especially California, in search of affordability, job opportunities, and a desirable climate. In 2024, Phoenix gained over 75,000 new residents through net migration alone. The city’s diversified economy spans healthcare, technology, finance, and education,
which provides stability and mitigates the risks associated with economic slowdowns. Multifamily occupancy rates and rent growth have been strong, making it a solid market for rental demand.
Investment Highlights: High migration rate, diversified economy, attractive climate, population growth, and affordable housing compared to West Coast markets.
3 Austin, Texas
Why It’s a Top Pick: Austin combines rapid growth with low unemployment and a tech driven economy, making it a resilient and attractive market for investors. With a jobless rate below the national average and strong growth in tech, healthcare, and government
sectors, Austin has been an anchor for both large companies (like Tesla and Apple) and startups alike. The city’s quality of life, coupled with no state income tax, makes it a relocation destination for professionals from more expensive metros. Austin’s housing demand continues to soar, with steady population growth contributing to rent appreciation.
Investment Highlights: Tech industry growth, low unemployment, job diversity, tax advantages, and strong migration trends.
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4 Charlotte, North Carolina
Why It’s a Top Pick: Charlotte’s strong economic foundation in finance, coupled with a growing presence in technology and healthcare, gives it both stability and growth potential. Known as a major financial hub with the headquarters of Bank of America and Truist Financial, Charlotte also has a growing tech sector. Net migration growth in 2024 reached over 40,000 people, and the city’s cost of living remains relatively affordable compared to many coastal markets. Charlotte’s diverse economy and appeal to both families and professionals keep rental demand high, providing a stable investment landscape.
Investment Highlights: Economic diversity, affordable living, strong job market, high migration, and financial industry hub.
5 Nashville, Tennessee
Why It’s a Top Pick: Nashville continues to attract new residents due to its thriving healthcare, education, entertainment, and tourism industries. In 2024, the city saw a net migration gain of approximately 35,000 people. The city’s healthcare sector, anchored by HCA Healthcare, is a major employer, providing recession-resistant stability. Nashville’s vibrant cultural scene, combined with a low cost of living and tax advantages, makes it popular with both young professionals and families. The strong demand for rental housing and limited housing supply creates a favorable environment for multifamily investments.
Investment Highlights: Resilient healthcare industry, cultural appeal, steady population growth, affordability, and high demand for rental properties.
CONCLUSION: WHY THESE MARKETS ARE PRIME FOR MULTIFAMILY
INVESTMENT IN 2025
Each of these top markets—Dallas-Fort Worth, Phoenix, Austin, Charlotte, and Nashville—have
seen some softness as of late due to new supply concerns. However, 2025 is predicted to have
significantly less new supply reigniting the demand for these markets.
Further, all of these markets have a mix of low unemployment, economic diversity, population
growth, and strong migration trends. Together, these factors offer multifamily investors a stable
foundation and the potential for cash flow and appreciation. For those looking to invest in areas with a strong balance of growth and resilience, these five markets represent some of the best multifamily investment opportunities in 2025.
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