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Your Landlord Resource Podcast
Your Landlord Resource Podcast
Why Renters Are Moving Less
In this episode we’re discussing why renters are moving less than at any point in the last 40 years, and whether you manage one unit or ten, this affects your strategy, revenue, and renewals in a big way. So, Kevin and I are unpacking what’s behind the sharp drop in renter mobility and what it means for your business.
We talk through why renewing a lease is cheaper than moving, why ownership remains out of reach for many renters, and how construction slowdowns and underbuilding are freezing vacancy chains. We also break down demographic shifts — from long-term renters in their 50s+ to younger renters relocating less because of job instability and cost-of-living pressures. Climate migration plays a surprising role too — many renters want safer living locations but can’t afford to relocate, which means staying put longer than ever.
Most importantly, we share practical strategies to help you adapt: improving renewal conversations, creating predictable systems, using landlord software, and screening wisely to prevent fraud. Longer tenancies can be great — but only if you proactively manage communication, planning, maintenance, and rent increases.
If you want to run your rentals like a real business — with professionalism, confidence, and systems — today’s episode is packed with insight you can put to work immediately.
🔗 Links & Resources Mentioned
Listen to Episode 2: Improving Tenant Retention and Renewals
Smart Move Tenant Screening
Tenant Alert Tenant Screening
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When we don't build enough new housing, the entire renter ecosystem freezes. There aren't enough units to create movement. So think of it this way, it's like when a new checkout lane opens at the grocery store and suddenly everyone starts moving and the lines all start to flow better. New construction is like that it gets everyone moving. But when that new lane never opens, the whole line stalls. In housing, when we don't have new units coming online, we don't get what's called vacancy chains. And that's when someone moves into a new build, which frees up their old space, and then someone else moves into that place, which frees up their place and so on. And it's like dominoes. If there's no new builds, no dominoes, no movement. People stay locked in place. Families, couples, seniors, young renters, everybody.
Speaker:Welcome to Your Landlord Resource podcast. Many moons ago when I started as a landlord, I was as green as it gets. I may have had my real estate license, but I lack confidence and the hands-on experience needed when it came to dealing with tenants, leases, maintenance, and bookkeeping after many failed attempts. Fast forward to today, Kevin and I have doubled our doors and created an organized. Professionally operated rental property business. Want to go from overwhelm to confident if you're an ambitious landlord or maybe one in the making. Join us as we provide strategies and teach actionable steps to help you reach your goals and the lifestyle you desire. All well building is streamlined and profitable rental property business. This is Your Landlord Resource Podcast.
Stacie:Hey hey there landlords. Welcome back to Your Landlord Resource podcast. I'm your host, Stacie Casella, and I'm here with my co-host and my husband Kevin Kilroy. And we're so glad that you're joining us today because we've got a topic that's gonna help you guys understand what's happening in the rental market right now. And trust me, you're gonna wanna pay attention to this one. So here's the deal. Renter mobility is at its lowest level in over 40 years. And I'm talking about the number of people who are actually picking up and moving from one place to another. It is absolutely plummeted. And as landlords, this is something that we need to understand because it affects everything that we do. From how we plan for turnovers to how we set our renewal strategies and how we budget for maintenance. Not to mention in some states, this issue can definitely affect your income. So today we're gonna break breakdown why renters are staying put more than ever before, and we're gonna talk about the economic reasons, housing supply issues, construction slowdowns, and what all this means for how you run your rental property business. We're also gonna share some of our own experiences with long-term tenants and give you actionable strategies that you can use right away. Stick around'cause we're gonna talk about what trends we can expect into 2026.
Kevin:Yeah. Well, 2026 is what, less than a month away? So if you have not considered where you will stand financially next year, now is the time. You know, when we started looking at the data for this episode, I was honestly surprised at just how dramatic the shift has been. Stacie and I personally have seen this in our own properties. We have tenants who have been with us for years, I mean years. And it's not just because we're amazing landlords, although we like to think we are. There are real economic forces at play here that are keeping people in place. And here's the thing, this shift isn't necessarily bad for landlords. Lower turnover means more stable rent collections, fewer vacancy costs, and honestly fewer turnovers to schedule and manage. But it also means we need to adjust our strategies. It's harder to bring units up to market rent quickly. And renewal conversations become more important than ever. Stacie and I oh, okay, well, you know, Your Landlord Resource, we're all about helping you operate with confidence, professionalism, and predictable systems. And understanding rent behavior, well, that's a core part of running your rentals like a real business. So whether you're managing one property or 10, this episode is going to give you insights you can actually use. So let's dive in.
Stacie:Okie doke. So let's start with the numbers, because they're pretty eye-opening. According to the National Multifamily Housing Council, that's the NMHC, renter mobility has dropped from 37% back in 1981, down to just 18.3% in 2024. That's less than half of what it was 40 years ago. And this isn't just older renters that are settling down. Even when you adjust for demographic and age groups, the drop persists across the board. Now get this, young adults, ages 18 to 24, who you think who would be most mobile are moving way less. Only 38% of them moved in 2024. And that's a huge change from what we used to see. Young people used to move all the time, you know, for college, for first jobs, for roommates. Now, not so much. So what does this mean for us as landlords? Well, on the positive side lower turnover means more stable rent collections, which is great. We're not constantly chasing down deposits and screening new tenants every year. We're not dealing with vacancy costs as often. And frankly, we're not spending every other weekend coordinating turnovers and managing repairs between tenants.
Kevin:Yeah, well, you know, there's two sides to every coin, so it's important to understand the not so great part of this issue. When tenants stay longer it becomes harder to adjust your units to market rent quickly. If you've got someone who's been in place for five or six years, and you've only been doing modest rent increases, let's say maybe 3% a year, you could find yourself way below what you could get if the unit turned over and you rented it at the current market rates. There's also the wear and tear issue. Long-term tenants mean your property goes longer between those deep cleans and full inspections that happen during turnover. Little issues can become big problems if they're not caught early. And here's something that doesn't get talked about enough. Renewals matter more than ever. You need to be updating your leases regularly to make sure that you've got current language that protects you as a landlords. And let me share a quick example from our own portfolio. So we have this tenant in our Sacramento sixplex, who's been there for over 13 years. Yeah, that's right. 13 years. He loves the location. He doesn't have to worry about maintenance. Those two bedrooms give him extra space when family visits. But here's the kicker, if he were to buy a home right now, his monthly payment would like double. So he's staying put, and honestly, we're happy to have him because he's been a great tenant. But it means we have to be strategic about how we handle that renewal every single year. His unit does need some work. We kind of fall into that category of landlords we tell you not to be. We only raise his rent a small amount each year because we know that when the day comes and he moves out, we'll be looking at a huge improvement project, and frankly, we don't care to handle that right now. We also know that this particular tenant has another unit he bounces back and forth from, so if we were to up the rent too much, he might just say, forget it, and move to the other home full time.
Stacie:Yeah, exactly. For us, this particular unit is not a black and white scenario. So make sure you have a clear understanding of what works best for you and plan accordingly. Now, let's talk about the economics behind all of this. Because there are some really clear reasons why renters are choosing to stay put. And number one, hands down renewing is just cheaper than moving. So according to Buildium"s renter survey, 47% of renters plan to stay put through mid 2025. That's the highest number that they've seen since 2021. And the Cleveland Federal Reserve found that the gap between what current tenants pay versus what new tenants pay for the same type of unit is about 6% cheaper for those who are staying put. And that might not sound like a lot, but when you're talking about$1,500 a month for an apartment, that's a$90 a month difference, or over a thousand dollars a year.
Kevin:That 6% number is just about spot on for that 13 year tenant I was just talking about.
Stacie:Right. But it's not just about rent. Think about all the costs that come with moving. You've got moving trucks. Or maybe people hire movers. You know, we're talking$3000 to$5000 on average for a typical move. Then there's the security deposit at the new place. You know, application fees, utility transfer fees, and time off work to actually make this whole move happen. Plus you've gotta wait to get your old security deposit back, which means someone could be floating two deposits at once if they're not careful.
Kevin:And when you factor in all those costs, staying put starts to look really appealing. In fact, when we send renewal offers to our tenants, we actually include language that asks them to consider exactly this. We say, hey, think about the cost of this rent increase, usually around three to 5%, versus the cost in both time and actual money to find a new place, put down a new deposit, pack up and move all your stuff, and then change your mailing address and update everything. When you lay it out like that, most people realize they're better off staying. Now rent growth has also stabilized in a lot of markets. Remember 2021 to 2023 when rents were shooting up like crazy. Those days are mostly gone. For 2025, we're looking at projections of about one to 3% growth than most markets. That's way more manageable, and we're definitely seeing this in our Idaho units. After a big spike during the pandemic when everyone was leaving California for Idaho, including our son by the way, things have really slowed down. When prices aren't spiking, people feel less pressure to leave or to try to find something cheaper. They're not panicking. They're just, well staying. And honestly, for most landlords, that predictability is actually better for our business model, then the wild swings we saw a couple years ago.
Stacie:Yeah, I know for us, we have definitely had more renewals than in years past, and I'm all for it. If you listen to what we say, we highly encourage you to do what you can to get your existing tenants to renew.
Kevin:Unless of course they are not good tenants, then do what's best for your sanity.
Stacie:Yeah. Well, we've been there too. Another huge factor, keeping renters in place. Home ownership is still out of reach for most people. So according to PWC and the Urban Land Institute, home prices remain about 40% more expensive than renting. Even with interest rates kind of starting to come down a little bit, that has not fixed the affordability yet. You still need a massive down payment. You need stellar credit and you need steady income. And a lot of renters look at that and just go, nope, not happening right now. So they stay put in their rental. And that's a big shift from what we used to see where people would rent for a few years and then jump into home ownership. Now people are renting longer, sometimes a lot longer. I won't go into a long tangent here, but there are absolutely people who prefer to rent. They like not having to deal with maintenance and improvements. They wanna be able to just pick up the phone and send a message to management when something needs attention. They can travel and do whatever they want whenever they want because they don't have massive expenses by way of mortgage and insurance and property taxes that they have to save for. Some people are just busy and it makes more sense for them to rent than take their entire life savings and put it into home ownership. More people are remaining single. More people are not having kids. So owning a home may not be a priority for everyone like it once was. All right. It's not really a rant, but I'm, I'm done. You guys, you also need to consider the job market. The entry level job market has been really soft the last couple years, and we'll give you a personal example of this. Our son graduated in 2023 with a degree in data analytics. He could not find an entry level job in his field. He's now working on getting into graduate school for data science and AI. And most his friends, he's 25 now, most of them are still living at home.
Kevin:Now part of is because he's got friends in California where it's ridiculously expensive, even for people who are financially stable. But even beyond California, the cost of living in general has been a huge slap in the face for the younger generation. They're having a harder time adapting to what it really takes to live on their own unless they've got a partner or a roommate to share expenses with. And when you can find stable work or you're worried about the economy, you avoid relocating. You avoid taking risk. You just, you just stay where you are. Moving costs money. Switching jobs is risky, so people hunker down. And speaking of moving costs, let me tell you a story. When our son, kid two, moved to Idaho, he first moved in with a couple of roommates. We gave them our old couch. He took his bed from home and we figured, hey, why not just rent a U-Haul and drive this stuff out there? Well, do you know what U-Haul charged us?$1,700 for three days. Now, I think part of that was because it's a one-way, and we weren't returning it to the same location, but holy crap. I mean, that shocked us.
Stacie:And Kevin even got pulled over by the highway patrol because he was drifting while scarfing down a burger after we left Reno, Nevada. The officer was nice and you know, he told us that they see that all the time with moving trucks that, but they were concerned because usually it's people are so tired that they're falling asleep at the wheel.
Kevin:Yeah. Actually he was a nice guy and he let me go.
Stacie:Yeah, he was. All right, so let's talk about housing supply, because this is a huge piece of the puzzle. The NMHC report makes it really clear, chronic underproduction of housing is limiting renter's options. And when renters can't find a better or cheaper place, they just stay put. It's not that they're thrilled where they're living necessarily, it's that there's literally nowhere else to go within their budget. And think of it this way, when we don't build enough new housing, the entire renter ecosystem freezes. There aren't enough units to create movement. So think of it this way, like it's like when a new checkout lane opens at the grocery store and suddenly everyone starts moving and the lines all start to flow better. New construction is like that., It gets everyone moving. But when that new lane never opens, the whole line stalls. In housing, when we don't have new units coming online, we don't get what's called vacancy chains. And that's when someone moves into a new build, which frees up their old space, and then someone else moves into that place, which frees up their place and so on. And it's like dominoes. If there's no new builds, no dominoes, no movement. People stay locked in place. Families, couples, seniors, young renters, everybody.
Kevin:And this affects labor markets too. People can't move for better jobs because they can't find affordable housing in the new city.
Stacie:Well, unless they're moving out of the coastal cities and into the mid Midwest, you know, then I think they can afford it because cost of living is less.
Kevin:Yeah, that's true. But even we have seen how moving to Idaho costs less. And honestly some costs of living, you know, like food costs, vehicles, insurance, et cetera, isn't that dramatically different from many areas of California. Rents are still much lower, but so is the income earned. But it's still a real problem economically. Not just for renters, but for employers and the economy as a whole. Now, here's where it gets even more interesting. According to Buildium and RealPage Analytics, new apartment completions have dropped by 20% in 2025. I mean, that's a big drop. It's because the Federal Reserve's interest rate increases over the last few years slowed down a lot of development projects. Developers couldn't find financing or the numbers just didn't pencil out anymore. Fewer new builds means fewer opportunities for renters to upgrade. And when supply is tight, that's actually when renewal strategy becomes even more profitable for landlords. This is why we always say do your best to renew your leases. Don't just let them fall into a month to month rental agreement without updating the terms. When you renew, you can increase rent, you can increase the security deposit if needed, you can add fees for administrative costs. You can add addendums for new things like a pet that wasn't there before, or policy changes or services you're adding or removing. We did an episode way back, boy, I think it was episode two, one of our very first real episodes where we discussed the importance of renewals. It's a couple years old now, but it still fully applies today. You can check it out at yourlandlordresource.com episode 2
Stacie:All right, you guys. I wanna talk a little bit about demographics, because who's renting is changing as well. Renters age 55 and older are the fastest growing group right now. And that's our age bracket, by the way.
Kevin:Yeah, you're closer to 55 than I am, but I'll take it.
Stacie:Yeah, well, the older renters are way more likely to stay long term. It's about stability and lifestyle and you know, sometimes it's about financial reasons. But honestly, change in general is just harder as you age. There's less patience for the hassle that comes with moving. And the only good thing about a big move when you're older is the opportunity to purge out all the junk that you no longer need and don't wanna take with you. On the other end of the spectrum, younger renters, gen Z, and millennials, are facing serious affordability issues, so they're staying put longer too. We're seeing increasing numbers of roommate households. And I have to say personally, I'm not a fan of roommate situations. Every single time that we rent to roommates, one of them wants to move on eventually, and the other one can't find a replacement, and it's always a headache. We also know several people whose kids have moved back home at some point or another, and it's becoming pretty common, especially here in California. Some of it's financial, some of it's because the job market is being tough for young people. And some realize if they move home, they can save their income faster to get into their first home.
Kevin:And there's also this really interesting dynamic happening with climate migration. Freddie Mac did research showing that about one in seven households are considering moving because of climate risk. You think that would mean more people moving, right? But actually it's causing people to move less, and here's why. Climate migration isn't just about people fleeing wildfire zones or hurricane paths. It's also about the millions of renters who wanna move to safer areas but can't afford to. The safer places are full, they're expensive, and the risky places have high insurance costs. So renters aren't moving as often because they don't have anywhere affordable to go. Climate pressure is actually freezing mobility rather than causing it. It's counterintuitive, but it's real. Now let me talk a bit about our own properties, because they really illustrate some of these demographic differences. Our Sacramento sixplex is a whole different animal than our Idaho fourplex. In Sacramento, the units are updated and we offer things, like high-speed internet and storage for additional fees. The location is amazing. It's walkable to restaurants, entertainment, even the state capital. In two hours you can be in San Francisco or two hours the other way, you're hiking or skiing in the Sierras and Lake Tahoe. Cost of living is still pretty reasonable compared to San Francisco or Los Angeles, and it offers a lot of the same benefits and amenities.
Stacie:Yep. We have a couple of family members that are tired of living in the Bay Area they up and moved to the Sacramento area last year. It shocked the hell out of us, but it, it's better for them and for their lifestyle. Now, for us in Idaho, the units are bigger. Two of them are three bed, two bath apartments, so they're geared more towards families. And naturally with families come things like pets and kids, which means more wear and tear. And that's not necessarily a bad thing, it's just reality. The Idaho units aren't as updated as we'd like'em to be, and part of that is the property manager we have, and part of it is just the market. We cannot get rents high enough to support the cost to improve the units the way we'd like to. The clientele that is there isn't seeking quartz counters and tiled bathrooms. They're fine with formica countertops and fiberglass shower inserts. And honestly, they can't afford to pay for those updated amenities, because if they could, they'd be renting those brand new fancy units that came on the market there in the last couple years. But in Idaho, there's still room to grow. There's a lot of land. In Sacramento in our downtown midtown area, the only way to grow is to go up. And while a lot of developers have done that, that phenomenon is slowing down quite a bit now.
Kevin:I think we've really found a sweet spot up in Sacramento. Our units are updated, not brand new, but they're very nice. We offer central AC, dual pane windows, internet, smart technology, newer stainless appliances, and in-unit washer and dryers. Many units in our area are much older and not as nice, so we can command better rents. Idaho has a lot of those same amenities, but the kitchens, baths, and flooring aren't updated. The people living there accept it because it's still better than a hundred year old building with single pane drafty windows and no AC or yard for their kids. Bottom line, you've got to know what your market can handle. What do your target tenants want? And can the rent you charge for those units support providing those things? This is so important. You can't just throw money at upgrades if the market won't pay for them. If you're in a market where small upgrades make a big difference in what tenants will pay, that's where it's worth investing. And all of this ties directly into the renewal conversation. When you understand what your tenants value and what they can get elsewhere, you can make smart decisions about rent increases, upgrades, and how to keep good tenants happy and in place.
Stacie:And like Kevin mentioned, give episode 2 a listen. We give some really good advice on renewals and share what we do. That and it's, it really seems to work for us. Okay, so let's talk about how all this affects your renewal strategy, because I think renewals are the new revenue strategy for landlords. That gap between market rent and renewal rent means landlords benefit from renewal stability. Strong resident retention equals predictable cash flow. And predictable cash flow is what allows you guys to run your business professionally and plan ahead. So Buildium research shows that property managers invested heavily in renewals in 2024, that trend continued into 2025 and likely into 2026 now. Residents want online processes, digital convenience, and smart home devices. They want things to be easy. And if you make it easy for them to stay, they will. So here's some practical tips First, create a renewal timeline. Start the conversation 60 to 90 days ahead of when the lease expires. Don't wait for the last minute. Set a reminder on your phone for 100 days before the end of their lease to allow you time to do the proper research on what rents are going for in your area, to consider what incentives that you can offer and to see what needs to be updated in your lease. Second, offer minor incentives. This could be carpet cleaning, upgrading a single appliance, installing ceiling fans, but do things that add value back to your unit and don't break the bank.
Kevin:Yeah, that is something we have held steady on and it has never really been an issue. And as you should know by now, we communicate early and clearly. Tenants hate, surprises. If they get a renewal notice two weeks before their lease ends with a big rent increase, they're gonna be upset. If you talk to them two months before and explain your reasoning and offer options, they're way more likely to work with you. One thing we do that works really well is give tenants a menu of items to choose from as an incentive to renewal. Like Stacie just mentioned, we're offering things like ceiling fans, unit cleaning, a new appliance or carpet cleaning. What we will never offer is a cash incentive or rebate to renew, never.
Stacie:Nope. If we're putting cash out, it goes into improving that unit in some way. All cash discounts do is lower your income.
Kevin:That sets a bad precedent and it's not something we're willing to do. Also use landlord software that offers tenants a portal where they can report maintenance requests, track rent payments and fees, and find answers to questions about the property. We have mentioned all of these softwares before, but we love Turbo Tenant, Door Loop, RentRedi and Avail for this kind of thing. It makes your life easier and makes tenants feel like they're renting from a professional operation.
Stacie:So let's bring this all together and talk about what you should actually be doing as a landlord in 2026 based on everything that we've discussed here today. First, expect longer tendencies. The average renter is staying longer than the historical norm, and that's good for lowering your turnover costs. But don't get complacent. You still need to inspect your properties, maintain them proactively, and make sure that you're catching issues before they become expensive problems. Second, expect slower market rent growth. With fewer people moving, there's less competition for new leases. That means keeping good tenants matters more than trying to push for that maximum rent. A reliable tenant who's paying$1,400 a month is way better than chasing$1,500 and then ending up with a vacancy for two months. And third, this is critical. Screening quality is still absolutely essential. According to Buildium's predictions, tenant quality is a number one concern heading into 2026. Rent fraud, especially income fraud, is absolutely on the rise and you have to stay on top of your screening processes.
Kevin:We recommend using professional screening services like Smart Move or Tenant Alert. Most landlord software platforms like Turbo Tenant, Avail, and Door Loop offer integrated screening as well. Some rental housing associations also provide screening tools. Zillow offers it if you use their application process. Here's our approach. We collect a flat application fee that covers the cost of tenant screening. That way it's consistent and we're not eating the costs ourselves. Okay, maintenance labor shortages are another thing to keep an eye on. When you've got long-term tenants, units go longer between turnovers, which means hidden maintenance issues can accumulate. You have to plan ahead and stay proactive. Here's what you should prioritize going forward. Consistent screening, good communication systems, digital processes, which makes things easier for tenants and for yourself. Maintenance planning, so don't wait for things to break. Controlled sustainable rent increases. Like Stacie says about our not raising rents on our 13 year tenant, don't get greedy and lose a good tenant. And use a solid lease. We like EZ Landlord Forms, Turbo Tenant or state approved leases from rental housing associations like the one we use from the California Apartment Association.
Stacie:All right, you guys, let's wrap this up. Here's what we've covered today. Renters are moving less for a whole bunch of reasons. Economic factors like moving costs and affordability, and demographic shifts with both older and younger renters staying put longer, and housing supply constraints that literally give people nowhere else to go even if they wanted to move. And for 2026, this trend is expected to continue. Affordability challenges aren't going away overnight. Construction slowdowns mean fewer new units. Job market instability makes people risk adverse. All of this adds up to lower renter mobility, which means as landlords, we need to adapt our strategies. Renewals are more important than ever. Communication with tenants is more important than ever. Understanding the broader market forces at play helps us make better decisions about rent increases, property improvements, and long-term planning. And you guys here at Your Landlord Resource, our mission is to help you operate confidently, professionally, and systematically. Understanding rent or behavior is part of running your rental business like a real business. You're not just collecting rent, you're managing a valuable asset and you're providing housing that people depend on.
Kevin:So before we go today, make sure you subscribe to the podcast if you haven't already. We're on Apple Podcasts, Spotify, and most everywhere else, you'll listen to podcasts. Follow us on Instagram for quick tips and updates and subscribe to our newsletter for landlord specific articles and resources. If you have questions or topics you'd like us to cover, you can text us at 6 5 0 4 8 9 4 4 4 7 or email us at stacie@yourlandlordresource.com. That's Stacie with an IE or kevin@yourlandlordresource.com. We'd love to hear from you.
Stacie:Thanks so much for listening you guys. We really appreciate you taking the time from your day to listen to what we have to say. And until next time, you've got this landlords.
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