Woman watering plants

© Dragana Gordic - AdobeStock

Why Boomers Are Rivaling Millennials in the Rental Market

New renters over 60 are on the rise, growing 43% from 2007 to 2017 to reach 9.4 million.

September - October
2020

In recent years, millennials have been the largest growth segment in multifamily rentals. However, renters over the age of 60 account for one-third of current rental applications in urban areas, and new renters over 60 are on the rise, growing 43% from 2007 to 2017 to reach 9.4 million. By 2035, the figure is expected to double. Here are five reasons for the surge.

  1. Boomers are downsizing from larger homes.
  2. They want to do less home maintenance as property management handles repairs.
  3. Apartments offer age-friendly floor plans—no stairs, larger spaces for mobility devices, wider shower stalls.
  4. Apartments may have amenities appealing to baby boomers, such as high-end fixtures and finishes or soundproofing.
  5. Boomers have had time to accumulate savings and will be less rent burdened in managing expenses.

Sources: RentCafe.com, National Multifamily Housing Council, NKF Research