Staying Put

Redfin provides an interesting statistic: ending in 2022, the percentage of renters who stayed in their units for 10+ years increased from 13.9% in 2012 to nearly 17% in 2022. There were similar increases in other lengths of rental terms. One of the reasons is obvious for anyone who has sought to purchase a home in the past two or three years as single-family home prices expanded exponentially. The article addresses other reasons for renters staying put ranging from more people choosing to be lifestyle renters to generational preferences.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
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