Recent trends show renters are increasingly opting for long-term rental arrangements, often staying for a decade or more due to rising home prices and limited housing inventory. The shift is especially noticeable in certain metro areas, with renters seeking three-bedroom homes as the most desirable option. This growing trend of long-term renting reflects the changing dynamics of the housing market, where obtaining ownership remains a challenge for many, especially Millennials, who still face significant lifestyle milestones while renting.
As soaring home prices and tight inventory keep many on the sidelines, renters in need of more space and privacy are making house rentals their long-term homes.
Nearly half of single-family renters (47%) gravitate toward spacious three-bedroom homes, making them the top pick for those seeking extra room to rent.
Long-term renting is gaining ground: More and more house renters are making the single-family home rental their forever home.
As renters are being priced out of homeownership, they’re turning to single-family homes for rent to satisfy their space and comfort needs.
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