Cleveland seniors are opting for rental flexibility
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Roughly 17% of Cleveland metro-area renters were 65 or older in 2023, up from 13.3% a decade earlier, according to a report by rental listing site Point2Homes.
Why it matters: More older Americans are renting, opting for flexibility over ownership.
By the numbers: Nationwide, the share of renters 65+ rose to 13.4% in 2023 from 10.4% in 2013 — the biggest jump of any demographic, with 2.4 million more renters over the decade.
- Just two of 75 major U.S. metro areas posted a decline in the share of renters over 65.
The big picture: Many older adults are on fixed incomes and stay in their homes because they're mortgage-free or have a low interest rate.
- But others are renting for less upkeep, to be closer to family, or for walkable neighborhoods.
- More are also putting off retirement and want the flexibility to move for a job.
Zoom in: "Active adult" rental communities (think: resort pools and yoga gardens) are expanding quickly as a lower-cost option for those who want to downsize but don't need traditional independent living services, according to the National Investment Center for Seniors Housing & Care.
Reality check: People ages 25-34 are still the most likely to lease, representing around 27% of U.S. renters, per the report, which looked at Census Bureau data.
- High homeownership costs have made it harder for renters to buy.
What we're watching: "With record numbers turning 65, the shift not only echoes the broader aging of the nation, but also may signal a new approach to housing," Point2Homes researchers wrote.