As housing costs push buyers to the sidelines, a growing cohort of seniors are leasing.
Austin’s population of renters 65 and older jumped more than 80 percent between 2013 and 2023, ranking third nationally in senior renter growth, MySa reported, citing Point2Homes.
The boom in older renters reflects broader Sun Belt migration patterns as retirees ditch high-maintenance, high-tax homeownership and downsize for the simplicity of single-family rentals and apartments. Add to that the relative availability of apartments and ballooning home prices in the metro.
Seniors have added more than 2 million renters in the market across the country in the past decade, with three Texas metros landing in the top 10.
In addition to Austin’s 81.1 percent spike, Dallas-Fort Worth logged a 66.5 percent jump, and Houston trailed close behind with 60.3 percent. The Texas cities were also the only ones of the top 10 not to show negative renter growth across any age group.
Baton Rouge, Louisiana, and Jacksonville, Florida, had the highest percentage jump of renters ages 65 and older in the country; Austin’s growth in senior renters was the third-most in the 10-year period.
The analysis points to rising home prices and property taxes as key motivators for the shift especially in markets like Austin, where elevated mortgage rates and valuations have reshaped affordability metrics even for homeowners.
“Much of this senior renter boom consists of downsizing retirees and so-called ‘baby chasers’ — grandparents moving closer to their grandchildren,” Point2Homes said. Some are motivated by proximity to family, and others by financial flexibility and access to health care and job opportunities, not just sunny weather and golf-friendly communities.
The trend has also sparked demand for single-family rental product tailored to older renters, many of whom are entering retirement without fully owning their homes. For developers and investors in the SFR space, that could translate to an underappreciated target demographic, one that skews stable, long-term and less price-sensitive than younger tenants.
— Judah Duke
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