Baby Boomers Seek Care-Free Multifamily Living

A Freddie Mac analysis from 2016 shows that more than five million Baby Boomers are expected to rent their next home by 2020. The group is increasingly seeking the ease and low-maintenance of renting and the amenities of urban centers.

CNBC reports that between 2009 and 2015, the number of renters aged 55 or older rose 28 percent, making Baby Boomers the fastest-growing group of renters in the country. Meanwhile, renters aged below 34 increased only 3 percent in the same time period.

"You would think they would be buying and investing in property, but a lot of people like the convenience and ease of renting," said Phillip Salem, an agent at real estate brokerage firm Triplemint. "A lot of millennials are moving into brand-new rentals, and a lot of boomers are saying 'That's what's I like too,'" he added.

Baby Boomers have begun competing for Millennials for new luxury high-rise apartments popping up in many U.S. metros. Because of their stage in life, they are often more able to afford them than their younger counterparts.

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