Senior Renters Increase, Point2Homes Finds

(Image courtesy of Tima Miroshnichenko/pexels.com)

Point2Homes, Santa Barbara, Calif., found that more seniors are renting now than 10 years ago.

Renters aged 65-plus grew by 2.4 million over the past 10 years, or nearly 30%.

Point2Homes cited a number of reasons as motivating the shift, including downsizing, high mortgage costs and relocating closer to family.

In addition, 55-64-year-old residents are also more likely to rent than they were 10 years ago, with nearly half a million more renting.

In terms of concentration, Florida metros are leading, likely due to factors such as warm weather and accessible health care. Seniors are 21.3% of renters in North Port-Sarasota-Bradenton and 18.5% in Cape Coral-Fort Myers.

In the New York metro, there are 275,900 more seniors renting now than in 2013, and there are 141,000 more in the Los Angeles metro area.

The fastest growth in the number of renters 65-plus occurred in Baton Rouge, La., Jacksonville, Fla., and Austin-Round Rock, Texas.

Among the 65-plus renters, more are seeking single-family rentals than they used to. They now are 11.2% of single-family renters, up 25.3% from 2013. For all other age groups, the share is falling, including among 25-34 year olds, who make up the largest share at 25%.

In some areas, 65-plus renters’ share has more than doubled, such as in Omaha-Council Bluffs, Neb.-Iowa; Dallas and Austin, Texas.