Skip to main content

Study: Seniors Comprise Greatest Increase in Renters

Phil Hall
Mar 04, 2019
For the first time since February 2017, the national average rent decreased, according to new data from RENTCafé

The fastest growing demographic segment for renters will be seniors, according to a new data analysis by RENTCafé.
 
Renters over the age of 60 accounted for the fastest growth among age groups between 2007 and 2017, with a 43 percent increase from 6.55 million to 9.37 million. In comparison, Millennials only accounted for a 7 percent increase over the same period, from 13.98 million to 14.89 million.
 
Among the major metro areas, the cities with greatest increase of renters ages 60 and up were Austin (113 percent), Phoenix (112 percent) and Fort Worth (95 percent). New York had the largest share of 60-plus renter households in 2017 at 27 percent or 572,130 renter households.
 
“According to our projection based on the trend witnessed between 2007 and 2017, we expect the year 2035 will mark a major demographic shift with the share of 60-plus renter households reaching somewhere around 31 percent and becoming the second highest share among all age groups,” said Florentina Sarac, an analyst at RENTCafé. “Despite being the majority, those aged between 35 and 59 will likely see a decrease in their share of renter households, dropping from 44 percent in 2017 to an estimated 43 percent in 2035. However, the most notable decline is projected to take place among those aged 34 and under, with their decrease from 34 percent to 27 percent by 2035.”

 
Published
Mar 04, 2019
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023