In a surprising shift that’s reshaping the U.S. housing landscape, a growing number of wealthy and older Americans are choosing to rent instead of own.
The Rise of Affluent Renters
Between 2010 and 2025, the number of renters in the United States has grown from 39.7 million to 45.6 million. While younger adults have traditionally made up the bulk of the rental population, recent data shows that higher-income households are entering the rental market in record numbers.
Why Older Adults Are Choosing to Rent:
No Home Maintenance: Renting eliminates the physical and financial burden of home repairs.Freedom to Travel: Many retirees prefer not to be tied down by property and enjoy the freedom of living in different places.Better Access to Healthcare and Amenities: Rental communities often offer proximity to hospitals, public transport, and social activities.
What This Means for the Leasing Market
The influx of high-income and older renters is reshaping the design, pricing, and marketing strategies of rental properties. Developers and property managers are:Investing in luxury finishes and smart home technologyOffering concierge-level servicesBuilding age-inclusive and accessible housingDesigning shorter or more flexible lease terms for mobility