Given significant variation in population turnover and stability across neighborhoods, this study examines why renters stay in or leave certain neighborhoods. It is the first to analyze how neighborhood characteristics influence renters’ decisions to move within the neighborhood as well as how these decisions are interrelated with their housing tenure transitions and race. Results demonstrate that homeownership rates have a significant, positive association with the probability that renters stay and/or purchase homes in the current neighborhood. Both the tenure composition of the housing stock and higher neighborhood satisfaction appear to be central in understanding this association. Results also suggest that nonblack renters are more likely to leave neighborhoods that experience growth in the percentage of the black population, while blacks are more likely to stay and purchase homes within such neighborhoods.