There is a rental-demographic that’s feeling quite young and spry. And old age isn’t something they’d be thinking about for years. If you were thinking Millennials, then you’re wrong. It’s the Baby Boomers, most of whom will turn 65 by 2030. Every single day, for the next decade, about 10,000 Baby Boomers will become 65 years old, retire and turn their attention to where and how they’re living.
Born between 1945 and the early 1960s, this is a demographic that’s going to drastically redefine the composition of the U.S. population. In fact, 18 percent of all people living in the nation will be aged 65 and above in the next decade or so.
Renters Once Again
While they’ve been homeowners for the better part of their lives, recent housing studies show that approximately over the last 10 years, Baby Boomers have become the second biggest rental demographic, right after the Millennials. According to data coming from Harvard University’s Joint Center for Housing Studies reveals that between 2004 and 2013, renting saw a rise among people aged 50 to 75. Today, most renters are around 40 years or older.
Despite being a strong demographic that’s leaning more and more towards renting, the Baby Boomers haven’t received quite the same attention as the younger Millennials. Property managers, landlords and real estate investors alike have been exploring ways in which they can make their rentals appeal to the more dynamic Millennials. Fortunately, the things that the Baby Boomers and Millennials want aren’t too different – it’s a sense of community fused with interiors that are suited for their specific needs.