As the population ages, more and more people are expected to become pension-age renters in the near future. This trend is due to a combination of factors, including an aging population, rising housing costs, and changing attitudes towards retirement.
The aging population is one of the primary drivers of this trend. As people live longer, more and more individuals are reaching retirement age. This means that there are more people who are no longer working and need to find a place to live. For many, renting is the most affordable option.
At the same time, housing costs are rising across the country. This makes it difficult for many retirees to purchase a home, as they may not have the financial resources to do so. As a result, many are turning to renting as a more affordable option.
Finally, attitudes towards retirement are changing. More and more people are choosing to work past the traditional retirement age of 65. This means that they may not have the financial resources to purchase a home, so they are turning to renting as an alternative.
Overall, the rise in pension-age renters is expected to continue in the near future. This trend is driven by an aging population, rising housing costs, and changing attitudes towards retirement. As a result, it is important for landlords and property managers to be prepared for this influx of renters. By offering flexible rental terms and providing amenities that cater to retirees, landlords can ensure that they are well-prepared for this growing demographic.