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We often talk about the lock-in effect on homeowners, how low mortgage rates are keeping people in place. But there’s another side to this story: Renters have also become “locked in.” Not because they don’t want to move or buy, but because of low affordability. It’s a double whammy for them; rents continue to rise while borrowing costs remain elevated.

Back in 2019, renters stayed in their homes for about 5.9 years on average. By 2024, that had increased to 6.5 years. This may not sound like a big change, but across millions of households, it adds up.

Where Renters Are Staying Longer

Even when focusing only on larger metro areas (200,000+ households), the increase in renter tenure is significant.

Markets like Oklahoma City, OK; Winston-Salem, NC; Lakeland-Winter Haven, FL; Oxnard-Thousand Oaks-Ventura, CA; and Columbia, SC have all seen notable increases in how long renters stay, even in just the past couple of years (2022–2024). In many of these markets, renters are now staying 5 to 8 years on average, longer than they were just a couple of years ago. That’s important because these are not small or volatile markets. These are stable, growing metros, markets where demand is steady.

Where Renters Stay the Longest

At the same time, there are markets where renters have been staying longer for years. In large, high-cost metros like New York, NY; San Jose, CA; San Francisco, CA; Los Angeles, CA; and Stockton, CA, renters are staying for seven to nine years on average. These usually are markets where both renting and buying are expensive, and moving—whether within renting or into ownership—is more difficult.

Why Is This Happening?

It all comes down to affordability and supply. Higher mortgage rates have made it harder for renters to become homeowners. At the same time, rents have increased in recent years, making it more difficult to save for a down payment. So even renters who want to buy are taking longer to do it.

And in many markets, the homes available simply don’t match what renters can afford. Take Los Angeles, for example: About 55% of renters are cost-burdened, meaning they spend more than 30% of their income on rent. And even households earning $150,000 a year can afford only about 19% of the listings on the market. So, renters are also competing for a very limited number of affordable options, making it even harder to transition to homeownership.

The Renter Lock-In Effect

This is what a renter lock-in effect looks like. For homeowners, the lock-in effect is about low mortgage rates. For renters, it’s about higher rents and limited affordability and supply.

And this has real consequences for households. When renters can’t become homeowners, they miss out on one of the primary ways households build wealth in the United States. With homeownership, part of the monthly payment goes toward equity, and over time, that becomes a significant financial asset. Renters, on the other hand, are making payments without building any wealth. So, when that transition is delayed, the wealth gap between renters and homeowners continues to widen. And the gap is already very wide: Homeowners have about 40 times the net worth of renters.