The fastest-growing population of renters in the Philly area? People aged 65+.
The Philly area gained 39,000 senior renters in a decade.
In the Philadelphia region and across the country, seniors are renting more than they used to.
From 2013 to 2023, the United States gained 2.4 million renters age 65 or older — an almost 30% increase and the largest growth of any age group, according to an analysis of the most recently available Census Bureau data by Point2Homes, a national rental home listing portal. And the country gained almost half a million renters age 55 to 64.
In the metropolitan area that includes Philadelphia, Camden, and Wilmington, the numbers of renters 55 and older grew significantly while the numbers of younger renters shrank or only increased slightly.
The Philadelphia region gained about 39,200 renters age 65 or older from 2013 to 2023. That’s a 24% increase. The number of renters in the age group under them — ages 55 to 64 — grew by about 22%, or about 27,600 people.
Renting can be an attractive option for older adults looking to downsize and shed expenses or those who want flexible living arrangements.
Seniors are staying in the workforce longer because of rising costs of living and longer life expectancy, so they may need to be able to move for work.
Older former homeowners who want space but less maintenance are helping to fuel the growth of single-family rentals. Some are moving into communities of houses built to be rentals.
Across the country in 2023, roughly 647,000 more people age 65 or older rented a single-family home than a decade earlier.
Renters 55 to 64 also may be adapting to life changes such as empty nests or divorces or may need flexibility to move for work, according to Point2Homes.
The Philadelphia area saw a 22% drop in the number of renters age 45 to 54. Point2Homes said the nationwide decrease in these renters was partly because aspiring homeowners were able to move to less expensive areas to afford to purchase as remote work became more popular during the pandemic.
Small increases of younger renters
Younger age groups continue to make up the largest share of renters, even though, in the Philadelphia area, their renter populations are not growing as the older rental populations are.
In the region, renters age 25 to 34 and those age 35 to 44 grew slightly in the decade from 2013 to 2023 — almost 3% and almost 5%, respectively.
One reason why may be rising housing costs. These are prime years for first-time home ownership, but some aspiring homebuyers are having to put it off, because they can’t afford to purchase properties.