Florida renters are moving less frequently than in previous decades, with mobility rates declining from 27.9% in 2014 to 24% in 2024 according to U.S. Census data. This trend is part of a broader national pattern where household moves have dropped to a 25-year low of 11.2% in 2024. Elevated mortgage rates are a primary driver, as homeowners with low-rate loans are reluctant to sell and buy at current high rates. The median time homeowners stay in a house has nearly doubled from 6.5 years in 2005 to 12 years today. Additionally, first-time homebuyers now account for only 21% of the market and are significantly older, with a median age of 40. These factors have led to increased lease renewals, with Florida becoming a top state for lease renewals in the apartment market. Renters’ expectations for moving have also decreased, with the average three-year moving probability falling from 57% in 2014 to 37% in 2026. While this stability benefits landlords by reducing vacancy and turnover costs, it makes the path to homeownership increasingly difficult for many renters.
Key Points:
- Florida renter mobility rates declined from 27.9% in 2014 to 24% in 2024, marking a continued decline.
