Senior Renter Population Grew By Nearly 30% During The Past Decade

Point2Homes analyzed the 75 largest U.S. metro areas and found that renting is now more common among older adults than it was for the same age group 10 years ago.

Over the past decade, a growing number of older adults have chosen to forgo the responsibilities of homeownership — like property taxes and maintenance — in favor of more flexible living options. Many are tapping into home equity or retirement savings to support these transitions.

Point2Homes said that the senior renter boom points to a broader migration trend that consists of downsizing retirees and so-called “baby chasers,” or grandparents who are moving to be closer to their grandchildren.

Over the past decade, renters ages 65 and older accounted for the most significant increases — both in sheer numbers and in market share — among all age groups. The demographic added 2.4 million renters, marking a nearly 30% increase.

The 55-to-64 cohort was the only other age group to experience an uptick in rentership, although their growth was five times smaller than that of the 65-and-older group.

Unsurprisingly, metros in Florida have the highest shares of senior renters. Seniors make up 21.3% of renters in North Port–Sarasota–Bradenton and 18.5% in Cape Coral–Fort Myers.

None of the country’s 75 largest metro areas saw a decline in renters ages 65 and older over the past decade. While Florida remains popular, the fastest growth occurred in Baton Rouge, Louisiana; Jacksonville, Florida; and Austin-Round Rock, Texas, where senior rentership jumped more than 80% since 2013.

The number of Americans 65 and older who rent single-family homes has risen by more than 25% in the past decade, the study found. The number of seniors renting these properties more than doubled in Omaha-Council Bluffs, Nebraska; Dallas; and Austin.