Phoenix sees 2nd-largest growth in renters over 60 in the nation
PHOENIX — Phoenix saw the second-highest growth in renters ages 60 and older among the nation’s 30 largest cities, according to an apartment rental website.
RentCafe analyzed census data from 2007 to 2017 and found that Phoenix more than doubled its number of elderly renters in the decade.
“Right now we see a slight change in terms of renters increasing at a greater rate than millennials in terms of populations within the renting field,” Doug Ressler, director of business intelligence for RentCafe affiliate Yardi Matrix, told KTAR News 92.3 FM on Thursday.
“We also see that migration, too, in terms of some of the Southeast and Southwest markets from Northeast and Midwest.”
Phoenix wasn’t the only Arizona city attracting older renters — Peoria ranked No. 2 out of more than 300 cities for highest share of elderly renters.
In Peoria, 33.1 percent of renters were 60 or older, compared to about a quarter of renters younger than 35.
Ressler said there are several reasons why more seniors are choosing to rent.
“Some of it is cost growing, inflation and tax pressures in the Northeast,” he said.
“Some of it is lifestyle changes, in terms of not wanting to continue to maintain households but rather offload that to someone else and at the same time enjoy a much freer lifestyle.”
Ressler said it’s not set in stone that this trend will continue.
“I think one of the things that we see is we see ebbing and flowing. We don’t necessarily say that the standard renter rate is going to continue at the same rent index that you see now,” he said.
“We believe that certain economic conditions might either delay that, push it out, etc.”
KTAR News 92.3 FM’s Ashley Flood contributed to this report.