US: Census data has revealed that between 2013 and 2023, the number of renters aged 65 and over increased by 2.4 million, nearly 30 per cent more than a decade ago.
Real estate marketplace Point2Homes analysed the 75 most populous US metro areas and found that renting has become significantly more common among older adults today than it was for people in the same age group ten years ago.
This surge in senior renters marks the largest growth of any age group in the rental market. A Harris Poll survey also found that older adults now have a lower tolerance for rising interest rates, making them more financially sensitive to the burden of a mortgage.
Other contributing factors include a desire or need to downsize, live closer to family, or avoid the maintenance and costs associated with homeownership or high mortgage payments.
As life expectancy increases, more Americans are embracing a non-homeowner lifestyle later in life. This shift is also influenced by an increasing number of older adults staying in the workforce longer and opting to rent for ease and mobility, reflecting a shift away from traditional retirement models.
Today, about 19 per cent of Americans aged 65 and older are still working, up from 10 per cent four decades ago.
The trend also extends to adults aged 55 to 64, who are more likely to rent now than their counterparts were ten years ago. This age group has added nearly half a million renters in response to midlife transitions, such as empty nesting, divorce, or career changes, that demand greater flexibility.
In contrast, younger and midlife Americans are renting less than their predecessors. Rentership among those aged 24 and under has declined by around 9 per cent, with a similar drop seen in the 45–54 age bracket.
Young adults are more likely to live with family, choose student housing, or delay renting altogether. Meanwhile, midlife renters are shaped by remote work, downsizing, and other evolving life stages.
The 35–44 age group, also impacted by high costs and housing uncertainty, has seen a symbolic decline in rentership, contributing to a broader cooling trend among younger demographics.
The pandemic also played a significant role, especially for those aged 35–54, as remote work enabled relocation to more affordable markets where buying a home became more achievable.
Highlights:
-The number of senior renters in the US has increased by 30 per cent between 2013 and 2023, according to Census data.
-Older adults are driving the most significant growth in the rental market over the past decade.
-More Americans over 65 choose to rent rather than buy, citing affordability and flexibility.
-Adults aged 55 to 64 are renting more than they did ten years ago, often due to life changes like divorce or downsizing.
-Younger age groups, including those aged 24 and under, are less likely to rent than they were a decade ago.
