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Market Sees Another Change As Rental Market Get Older

elderly people eating ice cream

Over the last several years, the number of millennials who have become renters has been growing rapidly. After all, renters have always traditionally been young, and with the housing market at somewhat of a standstill, many young people are putting off home ownership. However, it looks like young people aren’t the only people who have started renting in high numbers. Many older people have also found themselves in the renters market, especially since the collapse of the housing market in 2008 left many established people having to move out of their homes. On top of that, many people are deciding that home ownership isn’t something they’re interested in as they start reaching retirement age. After all, owning a house comes with lots of responsibility, and many older people have found that it’s just too much work. According to a real estate agent in Houston, “They are leaving their homes and renting in a much more urban-type settings from the suburbs to be part of the activities and be mixed in with people of all ages. It gives them something to do if the kids are gone, or their spouses.”

On top of that, renting can also come with many convenient amenities that may not be as accessible or affordable for home owners. However, while many older people enjoying not having to be tied down by the responsibility of a house, there is also a bit of a downside. As rent prices rise all over the country, many people are finding that having to pay rent is becoming a huge financial burden – especially as they start retiring. However, as both the housing and rental markets continue to fluctuate, people of all ages will be faced with having to make a decision between renting and owning. For now; however, it’s clear that most people are shying away from purchasing homes.

(Getty Images)

Written by Camille Moore

Camille has a master's degree from Saint Joseph University's Writing Studies program. Her writing has been published on several websites, and she enjoys writing articles and short stories in her spare time. You can follow Camille on Twitter @CamealAshley.