Comment by User23
2 years ago
Common, really? Have you got any kind of figures to back that up? Because anecdotally speaking neither I nor anyone known to me has ever rented for anywhere near ten years. I always get curious when claimed statistics greatly disagree with my experience.
Nationally yea, rent control is one reason. NYC has people living in the same apartments for 30+ years.
Subsidized housing is another, the waiting list can be years long and people then generally stay until they are kicked out.
It’s also age related, retired people have fewer reasons to move and families are harder to relocate. Further looking at individuals you don’t yet know how long they are going to be in that location.
PS: 5.5% of renters have lived in their home for more than 20 years. Average is 3 years nationally at 7.22% that’s ~2.6 months between occupancy which seems long IMO.
And yet here I sit in a rental since 2005, and in software and IT the whole time. You just didn't happen to know me.
Your individual experience means essentially nothing, and I frankly disbelieve you don't even know anyone who has not or will not eventually have rented for 10 years, since they are everywhere.
Very common in California where rent is outrageous and rent control strongly disincentivizes moving.
Rent control in California isn't particularly protective of spiraling rents. The statewide law applies to 15+ year old units and per year rent increases are limited to 5% plus inflation or 10%, whichever is lower.
The statewide number is simply a maximum not a statewide standard.
In San Francisco, rent in rent-controlled apartments can only be raised by 2.6% per year. Which is far more impactful.
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I believe it varies significantly by demographic (older renters move less frequently)