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 the accompanying article to read more about the trend.
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