The nation’s largest living generation and largest group of home buyers are millennials. However, according to a new analysis conducted by RENTCafe, the 55+ demographic is the fastest growing segment of the country’s rental population.
Let's look at the stats...
National stats revealed between 2009 and 2015, renters over the age of 55 increased by 28 percent, compared to the 3 percent increase in renters age 34 years or younger.
The report also identifies the rising group as highly-educated, empty-nest baby boomers driven by lifestyle changes, consequence of the housing crash, or inability to find affordable homes to downsize.
A report by the Harvard Joint Center for Housing Studies notes, “By 2035, more than one in five people in the United States will be aged 65 and older and one and three households will be headed by someone in that age group. This growth will increase the demand for affordable, accessible housing that is well connected to services far beyond what current supply can meet.”
So what does this mean for the real estate industry? Investors and developers should be diving in now.