Baby boomers are unexpectedly becoming the fastest growing group of renters in the nation. Drawn to the convenience, renters aged 55 and older jumped an impressive 28% between 2009 and 2015. Renters ages 34 and younger only increased 3%, according the Census data.
- Baby boomers are choosing to rent for the convenience
- Growth in renters aged 55 and older was almost ten times that of millennials
- More than 5 million baby boomers nationwide will rent by 2020
“You would think they would be buying and investing in property, but a lot of people like the convenience and ease of renting,” real estate pro Philip Salem told CNBC. “A lot of millennials are moving into brand-new rentals, and a lot of boomers are saying, ‘That’s what I like, too.’”
Boomers are increasingly looking for convenience, culture and sociability in their living situations. And companies like Ollie, a national co-living brand, are catering to those desires. “They’re looking for maintenance-free living,” broker Wendy Sanders told CNBC. “When the toilet overflows, they want someone to take care of it.”
Ollie offers fully-furnished micro suites that are less than 400 square-feet. Renters have their own private bedrooms, but share spaces like the kitchen, bathroom and other common areas. Units are equipped with modern multipurpose fortunate to efficiently use such a small space.
While 80% of the tenants in Ollie’s buildings are in their 20s and 30s, boomers are growing their presence and now make up almost 20% of all tenants. A potentially attractive service that offered in Ollie’s buildings is a butler service they call Hello Alfred. The service sends home managers on weekly visits to each unit in order to take care their tenants.
Each of Ollie’s buildings also offer social activities to give their tenants an opportunity to connect with each other and create a sense of community. “Boomers are seeking something urban,” says Ollie cofounder Chris Bledsoe. “They want cultural vibrancy, and they want to be close to where their kids and grandkids are.”