Sixty-Plus and Renting

In New York City, senior renters are starting to overtake senior homeowners.

The New York Times reports that of the 30 largest cities in the U.S., New York has the largest share of renters over 60, who make up 27 percent of the city’s rental population. This is a 20 percent increase from a decade ago. Senior renters also outnumber senior homeowners in Manhattan, Brooklyn and the Bronx.

Some reasons for the increase include the freedom and flexibility allowed by renting, the walkability of cities, and the amenities found in newer apartment buildings. It also gives greater access to social activities, and often places residents closer to their family than they would be in the suburbs.

Renting, as the over-60 demographic clearly understands, can be a synonym for freedom. Someone else has to fix the broken faucet. Someone else has to take out the trash. It’s also a way of dipping your toe in, no commitment. If, after a year, you don’t like the vibe of your building or neighborhood, you can try another part of town on for size, or simply leave town.

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