Recent data from RentCafé shows that the number of seniors renting has taken off, seeing stunning growth in a 10-year period.
RentCafé’s data shows that renters aged 60 and over grew by 43% over 10 years, from 6.55 million in 2007 to 9.37 million in 2017, outpacing their younger counterparts in renter growth.
RentCafé pointed out that the median age for renters is still younger than their owner counterparts, but that’s to be expected.
From the company’s blog:
As expected, renter householders tend to be younger, with a median age of 42 in 2017, compared to owner householders that had a median age of 56 in the same year. Moreover, the rapid aging of householders is visible throughout the 10-year period analyzed with both renter and owner householders getting older. But the median age of renters has been slowly closing the gap over the last decade.
RentCafé’s analysis notes that older renter households increased at a faster rate than older owner households. Older owner households grew just 31% compared with older renters increasing by 43%.
The company noted that the rapid growth of the senior age group can be seen across owner households as well. The age group was the only one to see an increase in homeownership in the 10-year period between 2007 and 2017. Those aged 34 and under saw a 19% decrease and owner households between 35 and 59 decreased by 12%, according to the company.
RentCafé stated that its previous studies have shown that a growing number of older Americans are losing their enthusiasm for homeownership and downsizing.
“As their children move out, they find themselves alone, in a big house that costs a lot to maintain, causing them to rethink their housing choices,” the company wrote.
So, where are all these seniors renting now instead of buying? RentCafé revealed the city that has seen the most senior rental growth is Texas’ capital, Austin, which saw a 113% increase in its share of older renter households.
Additionally, Phoenix saw the second highest jump, with an increase of 112% and Fort Worth, Texas, came in third for growth with 95%.
