Why Are High-Earners and Retirees Turning to Renting?

Since the recession, there has been a shift in the attitude towards renting—what was once forced by economic hardships is now trendy to some. If you asked people to close their eyes and picture a typical renter, they’d probably picture college students, a young family struggling to make ends meet, or something resembling the cast of Friends. But according to Census data, some of the fastest growing renter demographics are neither young nor restless: Instead high-earners and retirees are eyeing those new fancy high-rises with their endless amenities. Think Friends, but with the Golden Girls cast.

The beginning of a new decade is almost upon us, and according to the latest data, we’ll enter it with a resurging demand for renting.

Since 2010, the number of renters has jumped by more than 9 million. Renters now make up 34% of all U.S. households—the highest share since 1960.

Growth of the renter population has outpaced that of homeowning Americans, too. According to Census data, renter households increased 9.1% over the last decade, while homeowner households rose a mere 4.3%.

An analysis from apartment platform RENTCafe shows that renting has grown particularly more popular with high-earning Americans (those earning over $150,000 annually) and seniors over the last decade. The number of high-earning renters increased by 157% since 2010, while the numbers of renters aged 60-plus jumped 32%.

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