Baby Boomers Flocking To Rentals
Like many millennials, baby boomers are now flocking to rental properties and quickly becoming the fastest growing group of renters. Between 2009 and 2015 the number of renters ages 55 and over rose 28 percent compared to an increase of 3 percent for renters ages 34 and below. It's projected that more than 5 million baby boomers will rent their next home by 2020. Thus, developers are actively looking to lure these boomers to the market by offering a hands-off way of life a as growing number of boomers seek more flexibility and sociability in their lives.
With a little more disposable income than their millennial counterparts, many boomers are drawn to the luxury-style apartment or condominium living with concierge and house cleaning services. Therefore, many downtown areas are attracting these renters with a plethora of new buildings featuring these kinds of amenities. It's the ease and convenience of renting that's attracting many to sell and retire some place where they don't have to worry about the daily hassles of maintaining a house. Though these complexes are also a haven for many millennials, particularly those in the tech industry that can afford the pricey rent and may work from home and seek the amenities of a gym, yoga studio, concierge service, etc.
But this isn't the only place boomers are looking to rent. A good number of these new renters are also looking to downsize to a single-story condo in a more convenient location. They're selling their large, inland homes and heading towards the coast. Seeing that many of them are empty-nesters and don't need much space, they want a comfortable place to rent in a more social environment with a landlord that will take care of maintenance and upkeep so they can relax and enjoy the luxuries of coastal living.