Rental housing in multifamily buildings is being sought by Boomers and Millennials alike, especially in big cities like Houston or Washington D.C.
Bloomberg Business reports that by 2030, the number of renters who are 65 or older will reach 12.2 million, according to research by the Urban Institute.
One example of a Boomer who went from homeowner to renter is 65-year-old trial attorney Mike Abelson. “I pay a pretty steep rent, but it’s worth it,” Abelson told Bloomberg Business. “I don’t pay property taxes, I don’t pay for maintenance, plumbing, or electrical. I don’t have to pay for the grass cutting. It’s just easier than being a homeowner.” He moved to a 1,400-sf apartment eight miles from Bethesda, Maryland, after his wife passed away.
“Should the supply of rental properties fail to keep up, however, younger people will be competing for housing with the burgeoning population of older Americans,” the article says.