In the last 10 years, the number of renters over the age of 65 grew by nearly 30%, according to data from Point2Homes.
Senior renters increased by 2.4 million over the last 10 years, the highest increase in renters of any age group. The only other group to also see an increase in rentership was adults between the ages of 55 to 64, but even that growth was five times smaller than that of seniors.
Seniors are increasingly choosing to rent due to factors like becoming empty nesters, wanting to downsize or relocating to be closer to family. High interest rates are also keeping many seniors out of the housing market. A recent Harris poll found that 78% of Boomers think there is not enough affordable housing available these days.
Senior renters are predominantly gravitating toward the Sunbelt, attracted by warm weather and accessible health care options. Florida cities like Sarasota and Cape Coral have the highest concentration of senior renters, as 21.3% and 18.5%, respectively.
But other cities are seeing rapid growth in senior renters. And, compared to numbers from 10 years ago, none of the nation’s 75 largest metro areas have seen a decline in renters in the 65-plus age group.
The slideshow above highlights the 10 cities seeing the most growth in senior renters, according to Point2Homes.
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