Access the full report here: https://www.rentcafe.com/blog/renting/the-future-of-renting-will-be-centered-around-a-new-older-demographic/
Find below the highlights of the study.
While millennials were getting all the attention, a new market emerged silently, but steadily: seniors — more surprisingly, renters of this demographic.
As the American population is graying (22% aged 60+) and life expectancy is higher, the elderly will inevitably have a great influence on the market, so we concluded this needs a closer look.
For our latest study we’ve scanned through the past 10 years to identify trends that could help us have a better understanding of the challenges and opportunities that this changing population dynamic will bring.
Read on for key takeaways from RENTCafé’s study:
- Las Vegas claims the fourth highest share of senior renters (21%) among the largest US cities. NYC is in the lead with 27%, followed by Baltimore (25%), while next in line are Detroit and San Francisco, both with a 24% share of renters aged 60 and over.
- The national median age is the highest it’s ever been: 38.1 in 2017, up from 36.7 ten years ago.
- Our projections show that the elderly will make up 31% of all renter households in the US by 2035, their share being 22% in 2017.
Nationwide, renter households over 60 are up by 43%, outpacing owner households (31% increase) and growing faster than other age groups.
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