This study uses linked American Housing Survey data over the period 1985-2009 to examine the characteristics of units that change tenure between owner-occupied and renter-occupied, in either direction. It finds that the most important distinguishing characteristics are structure type and size. Single-family attached units have a higher incidence of tenure change than single-family detached units or units in multiunit structures. Smaller units, as measured by number of bedrooms, have a higher incidence of tenure change than larger units. Units tend to maintain the same tenure for long spans of time. There is a higher incidence of units that change tenure, as well as a higher incidence of renter-occupied units in general, in metropolitan areas that are undergoing rapid population growth.