The Next Gen of Renters: Mom and Dad – Renters over 60 Grew by 43% in a Decade

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Hi there,

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.

Would you be interested in covering this story? If so, just let me know. I’d be happy to assist you with more information and answer any questions you may have.
Looking forward to your feedback.

Best, 
Petra

Petra Kadar
Communications Specialist | RENTCafé
petra.rentcafe@yardi.com | www.rentcafe.com

 

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