The face of U.S. rentership is getting older. Between 2013 and 2023, the number of renters aged 65+ grew by 2.4 million, representing a nearly 30% jump and the largest increase of any age group. Today, more than 10.4 million older adults rent their homes, making up 13.4% of the renter population.
This shift reflects both the nation’s aging population and changing housing priorities. Seniors today are more willing to embrace renting as an alternative to homeownership, often citing downsizing, cost predictability, and proximity to family or healthcare as motivators.
According to housing analysts at Point2Homes, renting enables senior adults to bypass the burdens of upkeep and property taxes, while offering them greater flexibility at a season in life when their personal needs can shift in a moment without warning.
Seniors Lead All Renter Growth
- 65+ renters: +2.4 million (+24.9%)
- 55–64 renters: +483,900 (+10.2%)
- All other age brackets, from under age 24 through age 54, saw declines in renter numbers.
While natural aging accounts for part of the increase, financial factors loom large. Seniors are especially sensitive to high mortgage rates and housing costs, according to recent surveys, making renting a practical choice. Many are also staying in the workforce longer (nearly 1 in 5 adults age 65 or older is still working), adding to the appeal of flexible housing.
Sunbelt Metros Attract Most Senior Renters
Warm climates and affordable living continue to draw older adults southward. Baton Rouge, LA (+88.7%) and Jacksonville, FL (+83.7%) saw the fastest growth in 65+ renters over the last decade. Florida dominates overall, specifically in metros like North Port–Sarasota–Bradenton, where seniors make up more than 21% of all renters.
Big metros are adding large numbers, too. The New York area gained nearly 276,000 senior renters, while Los Angeles added more than 141,000.
Single-family Homes Appeal to Aging Renters
Seniors are not just moving into apartments. The number of renters 65+ living in single-family homes surged 25% in 10 years. In Omaha, Dallas, and Austin, that figure more than doubled.
The draw is attributed to things like being able to have extra space for hobbies, visit family, and take advantage of quieter surroundings, all without the financial and maintenance pressures of ownership.
Younger Renters Pull Back
While seniors are stepping in, younger Americans are stepping back. Rentership declined in every age group under 55. The steepest drop came among those under 24 (down 1.2 million renters), many of whom are staying with family longer or opting for student housing.
Redefining Retirement Housing
Today’s seniors are clearly flipping the classic script when it comes to retirement. Renting is no longer just a stopgap for younger adults, but it is instead becoming a long-term lifecycle choice for older Americans as well.
From Florida retirement hubs to major metros like New York and Los Angeles, millions of seniors are proving that flexibility, mobility, and financial freedom are now considered to be just as important as stability in later life.
The post More Seniors Are Renting Than Ever Before first appeared on The MortgagePoint.
