Renting Grows in Popularity Among Older Generations
Seniors make up a large portion of the homeowner market, but recent research from online rental marketplace Point2Homes indicates that this demographic of aging adults account for a significant portion of the rental market, as well. Between 2013 and 2023, the number of renters aged 65 and older increased by 2.4 million, or by about 30%, the largest increase for any age group during the past decade.
Whether it's to downsize from family homes or to move closer to children and grandchildren, there are a number of reasons why this demographic is choosing to rent. Seniors could also be drawn to rentals because of their convenience and flexibility, especially when it comes to costly upgrades and maintenance.
While some seniors look to downsize, many renters in this age group still opt for single-family homes
Single-family rental properties have traditionally appealed to young families, but demand for these types of homes is growing among older generations as well. Compared with a decade ago, the number of Americans aged 65 or older who rent single-family homes has increased by more than 25%.
In Omaha, Neb; Dallas; and Austin, Texas, the share of seniors renting single-family homes has more than doubled. In each of these metros, there are now over 100% more single-family renters aged 65 and older than there were in that same age group years ago.
Where are the most seniors choosing to rent?
Seniors are attracted to cities offering warm weather, access to healthcare, and a relaxed lifestyle. With a more than 80% uptick in renters aged 65 and up from 2013 to 2023, Baton Rouge, La., and Jacksonville, Fla., have seen the fastest growth in senior rentership.
Overall, Florida metros have the highest concentration of senior renters. Seniors make up 21.3% of renters in North Port–Sarasota–Bradenton, Fla. and 18.5% in Cape Coral–Fort Myers, Fla.
The share of senior renters is growing, but seniors still make up a sizable portion of homeowners
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