From 2009 to 2015, the share of renters over 55 years old shot up 28%, while the share aged 34 or younger increased just 3%. That's right, Baby Boomers, not Millennials, are entering the rental market in droves.
According to data from the Joint Center for Housing Studies of Harvard University in 2015, more baby boomers (the generation born after World War II between 1945 and the early 1960's) are starting to return to renting after years of living in their own homes.
Why are boomers returning to renting?
Here are a few reasons:
- They're ready to downsize
- They are looking for convenience
- Renting offers more flexibility
- It's often cheaper
- They want to avoid having to sell later on
- They're looking to make other investments
In my experience, in 2017, I haven't worked with any seniors who are looking to sell their current home to move to a rental. Most of the Baby Boomers I have assisted in selling their homes are looking to sell their larger, 2 story home and purchase a home that offers primarily one-level living. Many of them are not looking to make a significant change in the overall size of their home as they still want to have room for family and guests staying for visits, and to have room for their hobbies.
More information supporting these six reasons can be found in this U.S.News & World Report article,