More Seniors Renting Than Ever Before

The number of renters ages 65 and older increased by 2.4 million between 2013 and 2023, according to U.S. Census data, per an analysis by Point2Homes. This was the largest growth of any age group, growing by nearly 30%. 

Renters ages 55-64 also saw an increase of 483,900 during that same time. In comparison, other renter age groups in that 10-year period saw the following decreases: 

• Ages 45-54: -1.1 million 
• Ages 35-44: -81,900  
• Ages 25-34: -242,600 
• Ages 18-24: -1.2 million 

One reason for the uptick in older renters may be a desire to downsize and avoid the financial burden of a mortgage. Renting can also offer the benefit of not needing to worry about or pay for maintenance and upkeep. 

“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,” Point2 notes. “Notably, a growing number are staying in the workforce longer and renting for its ease of mobility, moving away from the traditional image of retirement.” 

Perhaps unsurprisingly, the top metro areas for older renters are in the South, with Baton Rouge, Jacksonville and Austin-Round Rock placing in the top three.