By: Mihaela, Guest Blogger
Fastest Growing Group of Renters
When the clock struck midnight and marked the new year 2019, the youngest members of the largest generation we know turned 55. Baby boomers shifted the view regarding retirement lifestyle, and as more pass the 60 threshold and choose renting over homeownership, they drive the trends in rental amenities. The idea of people retiring in their big houses, after their children move away is changing. Today’s moms and dads over 60 like to live a full life and we best keep that in mind for the future. According to RentCafé seniors aged 60+ are the fastest growing group of renters in the US.
In a new study, apartment search website RentCafé predicts that by 2035 we will witness a major demographic shift in renting, as 60+ renters will make up around 31% of the total renter population. As their share is growing, those of the other age groups decrease. This means that developers will focus more and more on amenities which will cater to the needs of the senior generation.
Community, Lifestyle and Amenities
Community and neighborhood amenities are the focus of the latest trends. Having a recreational center on site and planned activities to engage in with neighbors are some of the most sought-after amenities. Living in a neighborhood that provides easy access to public transportation or walk-able communities that have grocery stores, restaurants, and healthcare facilities within walking distance is ideal. Because of these priorities in baby boomers’ plans, their destinations of choice are bigger cities like Austin, TX, Phoenix, AZ, and Fort Worth, TX. These three cities had the highest increases in the share of renters over 60, compared to 10 years ago: 113%, 112%, and 95% respectively.
Lately, the tendency with renters of all ages has been to downsize. Big houses are no longer essential, given that more space implies more chores, energy, time and money put into maintenance. As seniors engage in more activities outside their living space, community amenities become more important than apartment size, and this preference comes with a financial advantage as well. Less space and fewer belongings equal less to take care of – this means having more money to spend on travelling or self-care holidays, and fewer responsibilities. It’s a simpler life that grants a much-needed flexibility and mobility.
Renting is a Choice
Baby boomers are a generation that witnessed serious economic hardships and were pushed towards renting by the housing crisis and the uncertainty surrounding the status of homeownership. Now, renting is a choice which says that this generation is ready to downsize and live fuller lives, enjoying every moment.
About the author: Mihaela is a passionate reader and writer, with an affinity for language and linguistics, as well as the latest technological developments. She discovered her passion for real estate at RENTCafé, and you can read more of her articles on their blog: https://www.rentcafe.com/blog/.