Real-estate and rental website RentCafé recently crunched their numbers and found that the number of senior citizens who rent in New York City, and other lesser-than cities around the U.S., have drastically increased over the past 5 years.
The high flexibility, low responsibility lifestyle is now appealing not only to the ubiquitous Millennials, but also to Baby Boomers – this generational group is leaving homeownership in droves: between 2009 and 2015, the number of renters over 55 increased by 28 percent, compared to a 3 percent increase in renters 34 years or younger. This means 2.5 million senior renter households joined the renter cohort, compared to a mere half a million renters under 34.
New York has seen one of the most significant net increases in the number of senior renter households, second only to LA: approx. 125K new senior renters abandoned homeownership in favor of renting in this metro alone.
Check out this short video from the Staten Island Advance, or the accompanying article on RentCafé to learn more about the trend.
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