Renters 65+ Increased by Nearly 30% in a Decade, More Than Any Other Age Group

Renters 65+ Increased by Nearly 30% in a Decade, More Than Any Other Age Group

Editor’s note: These results show a continuing trend away from home ownership and towards renting across the country.  These studies don’t explore the reasons why, but there are likely many factors: inflation outpacing wages, higher housing costs overall, and different education and remote work priorities are likely factors.

This is a quote from the study’s author about the results: “The fact that more seniors in big cities are now renting instead of owning their homes is directly reflective of the way people are tackling housing in the latter part of life.  In the past decade, there’s been a clear uptick in renters aged 65 and over, and an increasing number are moving into single-family homes, not just downsizing into tiny apartments. For many of today’s senior renters, it’s about practicality: less upkeep, more flexibility, and avoiding the financial and maintenance burdens of ownership as they get older.“

The following info pertinent to New York was provided by Point2Homes:

• NYC recorded a 32.6% increase in renters aged 65+ compared to 2013, exceeding the national growth rate of 29.4%.

• The New York metro saw a notable 56.6% increase in seniors renting single-family homes.

• Renters aged 24 and under declined by 13.5% over the past decade. This is due to student housing, living with family longer, or remote work enabling homeownership in less expensive markets.

The number of renters aged 65 and up grew by 2.4 million over the past decade — more than any other age group. Whether it’s about downsizing, staying closer to family, or simply avoiding the costs and upkeep of owning a home, today’s seniors are making different choices about where and how they live.  

Here’s why this story matters: 

• Senior Renters Surge: Renters aged 65+ grew by nearly 30% compared to ten years ago, the biggest jump of any age group.  

• Late Midlife Renters, the Only Other Age Group Growing: Adults aged 55 to 64 are renting at higher rates than their counterparts a decade ago, adding about 500,000 renters. This shift follows life changes like becoming empty nesters, single, or seeking more flexibility. 

• Warm-Weather Hotspots: In Sunbelt metros like Baton Rouge, LA; Jacksonville, FL; and Austin, TX, the number of senior renters climbed by more than 80%, drawn by sun, accessible healthcare, and a more relaxed pace of life.  

• Single-Family Homes Gain Ground with Seniors: House renting among those over 65 jumped by 25% as of 2023. In metros like Omaha, NE; Dallas, TX; and Austin, TX, the number of seniors renting houses more than doubled in ten years. 

• Younger Age Groups Are Renting Less Than a Decade Ago: Renters 24 and under declined by around 9% compared to those ten years ago, with similar drops among renters aged 45–54. This is due to student housing, living with family longer, or remote work enabling homeownership in less expensive markets. 

You can check out the full report here

Point2Homes analyzed the 75 most populous U.S. metro areas and found that renting has become more common among older adults today than it was for people in the same age groups a decade ago.

Compared to 10 years ago, more seniors are stepping away from the burdens of homeownership (such as property taxes, repairs, and the complexities of downsizing) and, instead, using home equity or retirement savings to support alternative living arrangements. Some are moving closer to family, others are downsizing to cut costs, or renting simply to live on their own terms. Renting also provides flexibility for a growing number of older adults who remain in the workforce well into their 60s, allowing for job-related moves, seasonal living, or part-time relocation.

So, as the traditional and costly path to homeownership gives way to new priorities, it’s the older crowd that’s redefining what rentership looks like in the United States.

Booming Renters: Seniors Rent More Today Than They Did a Decade Ago

55 to 64 & 65+ only age groups with increases in rentership

When comparing renters aged 65 and older across ten years, seniors not only experienced the highest net growth in renting (+2.4 million), but also the largest percentage jump of any age group (just shy of 30%). The only other cohort to see an increase in rentership was adults aged 55 to 64, and even this growth was five times smaller than that of seniors.

But how come today’s seniors rent more than seniors in the past? Natural aging plays its part, but financial considerations also weigh heavily. A Harris Poll survey showed that the older crowd now has a lower threshold for interest rates when buying, meaning they’re more sensitive to the financial burden of a mortgage. Downsizing from larger family homes, avoiding costs and upkeep tied to ownership, and prioritizing proximity to family or medical services are also among potential motivators for renting.

As life expectancy rises, more Americans are settling into non-homeowner lifestyles in their later years, with many redefining their priorities and even renting for longer. Notably, a growing number are staying in the workforce longer and renting for its ease and mobility, moving away from the traditional image of retirement. According to TIME:

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“As birth rates decline and the country ages, older people are staying in the workforce longer. Today, about 19% of people 65 and older in the U.S. are still working, up from 10% four decades ago.”

All of this points to more aging adults rethinking housing options for a myriad of reasons. And, understandably, a lot of them are chasing the sun as they go through that next chapter.

Seniors Soak Up the Sunbelt: Renters 65+ Increase 89% in Baton Rouge, LA

Florida unrivaled in largest shares of graying renters

Unsurprisingly, Florida metros lead the way in concentration: Seniors make up 21.3% of renters in North Port–Sarasota–Bradenton and 18.5% in Cape Coral–Fort Myers, solidifying the state’s status as a destination for later-life living.

Compared to ten years ago, none of the nation’s 75 largest metro areas have seen declines in renters within the 65+ age group. However, while Florida remains a favorite for seniors, the fastest growth in the number of renters aged 65 and older — compared to the same age group back in 2013 — occurred in Baton Rouge, LA; Jacksonville, FL; and Austin-Round Rock, TX, where renters in the senior bracket increased by more than 80%.

This southward surge is part of a broader migration trend, with older Americans relocating for more than just sunny weather and golf-friendly communities. Much of this senior renter boom consists of downsizing retirees and so-called “baby chasers” — grandparents moving closer to their grandchildren, enjoying proximity to family, shared expenses, and job opportunities.

In fact, “family reasons” (such as being closer to loved ones) is the #1 driver behind retirement moves, besides retirement itself. A recent study claims this reason was “most often clarified to mean adding a new family member (e.g., pregnant, had a baby, adoption), moving with family member(s), or assisting or taking care of family members”.

However, net gains highlight the continued appeal of larger metro areas — primarily due to their sheer size and broad range of rental options. When comparing the number of renters aged 65+ nowadays to those in the same age group ten years prior, major hubs like New York and Los Angeles naturally stand out. In the NY metro, there are 275,900 more seniors renting nowadays than the number of seniors renting a decade ago, while the LA metro added more than 141,000.

Rentership Losing Ground All Across Younger Age Brackets

This as 25- to 34-year-olds make up more than one-quarter of renters

The two older age brackets might have seen the highest (and only) increases in rentership, but it’s the younger groups that account for the largest slice of the rental market.

Between 2013 and 2023, the housing market had just begun recovering from the financial crisis. Still, it remained far from stable as years went on, especially with the added disruption of a global pandemic. This prompted more people to continue renting, rather than pursue homeownership. The result? Adults aged 25 to 34 — many of whom have yet to set foot on the property ladder — now make up 27% of all renters in the United States.

That said, the number of renters within this age group actually declined by 1.1% compared to the start of the decade. In terms of generations, this demographic encompasses older Gen Z and young Millennials, both reaching the stage where they seek stability, but find housing affordability challenges. The older 35–to-44 crowd (another age group facing rising costs and an uncertain housing landscape) experienced a similarly symbolic dip that adds to a broader cooling trend: Rentership within all younger age brackets has declined at national level.

But, data shows that the biggest drops in rentership (by age group) were felt among the youngest (24 and below) and the 45-54 bracket — and the reasons vary by cohort.

For those 24 and under, the decrease in rentership is largely tied to opting for student housing, extending their stays in family-owned homes, and delaying entry into the workforce or independent living — trends that accelerated in the wake of the pandemic. The pandemic also played a role in the decrease in rentership among 45-54 and 35–44 year olds — age groups that are typically more likely to be homeowners anyway. Greater access to remote work enabled these two brackets to relocate to lower-cost markets where buying, rather than renting, became a feasible option.

In any case, as younger crowds pull back from renting, older Americans are turning to it — even when it comes to house rentals.

You can read the rest of the full report here

Banner Image: Elderly couple.  Image Credit – A M