Seniors nowadays are renting more than seniors did years ago: The most recent U.S. Census data reveals that, between 2013 and 2023, the number of renters aged 65 and over increased by 2.4 million — the largest growth of any age group, by far. And with record numbers turning 65, the shift not only echoes the broader aging of the nation, but also may signal a new approach to housing as more seniors enter the next chapter of their lives.
Key Takeaways in How Age Groups Rent Now vs. a Decade Ago:
- Renting Takes a Senior Twist: Renters aged 65+ grew by nearly 30%, adding 2.4 million in ten years. This suggests that today’s oldest renters are more likely to rent than those in the same age group a decade ago. And aging isn’t the only aspect: Downsizing, high mortgage costs, and relocating closer to family are all contributing factors.
- 55–64, the Only Other Age Group Gaining Renters: 55–64-year-olds are more likely to rent than their counterparts were 10 years ago. The number of renters in this age group has increased by nearly half a million in light of midlife changes such as becoming empty nesters, divorcing, or seeking career flexibility.
- Sunbelt Surge of Senior Renters: Attracting seniors in 2023 (just as much as ten years prior) were warm weather, accessible healthcare, and a relaxed pace of life. This is reflected in the more than 80% growth of renters aged 65+ in sunny markets like Baton Rouge, LA, and Jacksonville, FL.
- 65+ Lead in House Renting, Too: House renters over 65 years old surged by 25%, meaning seniors in 2023 were more likely to rent a single-family home than seniors years ago. The appeal lies in the extra space for hobbies, quieter surroundings, and room for visiting family.
- Young & Midlife Renters Pull Back: Today’s young and midlife Americans are renting less than their counterparts did a decade back. Latest data shows renters 24 and under declined by around 9% — nearly as much as those aged 45–54. The nation’s youngest adults might go for student housing, living with family, or delaying renting altogether, while midlife renters are influenced by remote work, downsizing or other changing life stages.
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:
“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.
More Americans Aged 65 & Up Go for Single-Family Rentals
Omaha, NE; Dallas & Austin, TX, Home to Twice as Many House-Renting Seniors as a Decade Ago
With more than 14.2 million single-family rentals nationwide, demand for houses remains strong. Traditionally, these homes have appealed to young families — particularly renters aged 25 to 34, who make up about one quarter of the house-renting market. The vast majority are in their family-forming years and, facing barriers to homeownership, turn to single-family homes for rent for the space, privacy, and suburban lifestyle that many of these rentals offer.
But today, it’s not just starter-home-seekers and first-time parents driving the single-family-rental (SFR) trend. Renters aged 65 and older are fueling much of the growth as seniors are renting houses at higher rates than people in the same age bracket years ago.
The number of Americans 65+ who rent single-family homes has increased by more than 25% compared to a decade ago, and in Omaha-Council Bluffs, NE-IA; Dallas and Austin, TX, house-renting seniors more than doubled. In each of these metros, there are now over 100% more house renters aged 65 and older than there were in that same age group years ago. Omaha’s affordability and senior-friendly rental options are attractive to retirees, while rising property taxes and home prices in Dallas and Austin may be prompting older homeowners to consider renting.
Conversely, under-24-year-olds are less likely to go for single-family homes, instead gravitating toward smaller rental types or other living arrangements. Even so, house renting became more popular among the youngest in several metros. For instance, Salt Lake City experienced a 77% increase that added 12,100 more single-family home renters aged 24 and under. Bridgeport-Stamford-Norwalk, CT, followed closely with a growth of more than 50% in young house renters compared to a decade prior.
A top-performing large city, Salt Lake City stands out for its booming job market and expanding educational opportunities, which may be driving young renters toward single-family properties here, often to share with either roommates or a new family. Similarly, Bridgeport’s rise may reflect an influx of students and young professionals priced out of New York City who are looking for more affordable, roomy alternatives nearby.
Check out how house-renting changed across age brackets in the largest U.S. cities:
Methodology
Point2Homes.com is a real estate listing portal for rental homes across the United States. Part of Yardi Systems, Point2Homes covers housing trends and news through comprehensive studies that draw from internal data, public records, governmental sources, and online research.
- For this study, we looked at the number of renters and single-family renters in 2023 and 2013 using the ACS 1-year estimates IPUMS* data.
- Age-group trends were analyzed by comparing the same age cohorts (e.g., 25–34, 35–44) in 2013 and 2023 (most recent Census data), allowing for a consistent view of rentership shifts over time across similar life stages.
- The report includes the most recent data on the 75 most populous U.S. metros. Due to a lack of 2013 data for Tulsa, OK, the metro was replaced with the 76th largest, Dayton, OH.
- Single-family renters or house renters refer to those in 1-unit structures, both attached and detached.
*IPUMS means Integrated Public Use Microdata Series and provides census and survey data from around the world integrated across time and space. IPUMS is a part of the Institute for Social Research and Data Innovation at the University of Minnesota. Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0. Image: G-Stock Studio/Shutterstock.com
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