- 06 Nov
Baby Boomers Outpace Millennials in Rental Growth
Despite the general opinion that the millennial generation is one that is increasingly moving towards rentals over owning a home, a survey of renters in South Florida showed that individuals over 55 years old had the greatest percent increase in rentals from 2009 to 2015.
Apartment information provider Rent Cafe performed a study of U.S Census data from 2009 to 2015 and found that renters at least 55 years of age increased approximately 26 percent in that time period, close to the nationwide average of 28 percent. Over the same time period, young renters in South Florida had a weak increase of only 2 percent. As well, in certain regions, such as Los Angeles, the rate of younger renters declined.
The survey did not include all of the South Florida area, choosing to not find renter information on rural and unincorporated areas. Rent Cafe focused on the Kendall census area and looked at 156 suburbs.
The results also broke down the findings into further demographics, noting that South Florida renters with a bachelor’s degree increased 30 percent, while those with a high school education level or less only increased approximately 4 percent.
Rent Cafe speculated that the main reasons for the increase are that baby boomers have more options financially and that the large number of new apartments offer amenities that baby boomers may find beneficial. Many apartment complexes offer events designed to bring a number of renters together, creating a way for baby boomers to connect and find a community. As well, as renters get older, the bonus of not needing to perform home repair and upkeep can appear more attractive.
Another surprising detail from the survey was the growth of younger suburban renters. South Florida renters who didn’t have children grew approximately 26 percent in the suburbs, while only increasing 15 percent in more urban locales. rent cafe attributed this to the growth of small localized urban spots sprouting up within larger suburban neighborhoods.
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