What Senior Renters Want: A Dive into Renter Preferences for Ages 55 and Up

While millennials and Gen Z continue to be the largest renter generations, older renters are catching up.

In Apartments.com’s latest survey of adults planning to rent, those ages 55 and older made up 27 percent of respondents. Nationwide, older renters represent about 30 percent of all renters, according to Harvard’s Joint Center for Housing Studies, and this slice of the renter population is on track to grow larger in the years ahead.

So how do renters 55 and older differ from their younger counterparts? Let’s dive into the data. We’ll break down exactly what you need to know about these renters and how they search for their next place.

Who are they? A look at renters over 55

In the most recent Apartments.com survey, we examined the preferences of U.S. adults planning to rent in the next two years. With 20,000 respondents overall, that included over 5,000 people aged 55 and older.

Of these prospective renters, 80 percent are currently living in a rental. The remaining 20 percent aren’t renting yet — though they’re looking to do so in the near future. Some of these renters are saying goodbye to homeownership and hello to the flexibility of renting, while others are looking for a retirement community to join as they plan the years ahead.

As with renters of all ages, women outnumber men by about two to one. And compared to younger renters, older renters are twice as likely to live alone.

Over half of older respondents reported living alone, and just under a quarter said they lived with a partner. For renters under 55, only a quarter live alone, while nearly a third live with a partner.

A significant portion of older renters have a pet in the household. Over a third (37 percent) live with a pet. And among pet owners, nearly six in 10 have a dog, and nearly half have a cat.

The majority of older renters are no longer in the workforce. Nearly half of this age group is retired (47 percent), while 40 percent are still employed, 3 percent are unemployed, and the remaining 10 percent are not in the labor force for other reasons, including disability.

What their search looks like

Compared to their younger counterparts, older renters are slightly more likely to move a larger distance, relocating to a different city or state.

One respondent living outside Akron, Ohio, said, “I’m moving to be closer to my son, who lives in another state.”

While some are moving to be closer to be family, others are motivated by temperate winters or a lower cost of living.

“I want to move to a warmer climate,” said a respondent living outside Milwaukee, Wisconsin.

A third of all renters ages 55 and older cite their need for affordable rent as the primary reason for moving, compared to only a quarter of renters under 55.

How they’re searching

Most senior renters start their search without a specific property in mind. Seventy-one percent rely on an internet listing service like Apartments.com to search for properties, and about 40 percent visit property websites and talk to other people for information.

Over a third report using search engines, and just under a third walk or drive around neighborhoods as part of their search.

Renters 55 and up are more than twice as likely as their younger counterparts to rely on government resources, like affordable housing search tools, to find a place. Among older renters, 23 percent rely on these programs to help them in their search.

And when they find a property they’re interested in, they look at ratings and reviews. Almost all renters in this age group — 97 percent — consider ratings and reviews to be an important factor in their search.

They also want to see information about the specific unit advertised, not just the community overall. While 99 consider this important, two-thirds say unit-specific details are “extremely” important.

Which details matter most to older renters? The top five details that most want to see listed online about individual units are price, photos, availability, floor plan, and features, such as in-unit appliances and materials.

But renters 55 and up are more likely than their younger counterparts to care about unit-specific floor level within the building, with 65 percent who want this information. They’re also nearly twice as likely to want to know about unit-specific accessibility/handicap accommodations, with 21 percent, compared to only 9 percent of younger renters.

Compared to renters under 55, older renters are less interested in unit-specific 3D tours (23 percent) and unit-specific videos (19 percent).

It’s no surprise, then, that they also describe themselves as less likely to sign a lease sight unseen. Only 30 percent of older renters are likely to do so, compared to 40 percent of those under 55.

What they want in their next rental residence

Like others in the survey, older renters prioritize price, location, safety and security, unit size, amenities, and number of bedrooms, in that order. But renters 55 and up are slightly more likely to rank safety and security in their top three considerations and slightly less interested in amenities and number of bedrooms.

When choosing their location, older renters prioritize grocery stores (57 percent), which also ranks first for renters of all ages. Renters 55 and older are significantly more likely consider proximity to medical care. Nearly four in 10 (37 percent) consider this a priority when selecting a location.

Apartments are the top choices for rental type. Two-thirds say they expect to move into an apartment, rather than a single-family home, duplex, townhouse, condo, or mobile home. This is a slightly higher proportion than those under 55.

And unlike younger renters, these renters are typically not looking for a larger space. Only 37 percent of older renters unhappy with their current residence cite this as a reason, compared to nearly 60 percent of renters under 55.

When it comes to amenities, older renters prioritize the same amenities as renters of all ages. But they’re more likely to include air conditioning, off-street parking, and a balcony on their list of must-haves. Compared to younger renters, they’re less likely to say the same for a dishwasher, pet-inclusive policy, or onsite fitness center.

Why they cross properties off their list

What are older renters’ top five deal-breakers? These are the most common reasons renters in this age bracket say they’d stop considering a property they were looking at online:

• Out of my budget (81%)
• Concerns about crime or safety (73%)
• Concerns about maintenance or condition of property, unit, or appliances (68%)
• Fees made the total costs higher than originally advertised (62%)
• Negative ratings or reviews (61%)

Compared to their younger counterparts, renters 55 and up are more likely to have deal-breakers. When it comes to crime and safety issues, concern about maintenance or condition, unexpected fees, negative ratings and reviews, and an inconvenient location, these renters are more likely to say “No, thanks” and keep looking.

They’re somewhat more forgiving than younger renters, however, if a property doesn’t show photos of the exact unit or offer online applications.

How they communicate with properties

When older renters are ready to reach out to a property for more information, what method do they prefer? Digital options still rank high but somewhat less so than for younger renters.

Nearly two-thirds of older renters opt for sending an email (66 percent) or making a phone call (65 percent). Over half are also interested in talking in person (54 percent).

Although nearly the same percentage of younger renters choose phone calls, these renters’ preference for email is overwhelming — with nearly three-quarters who consider it a way they like to communicate.

But when it comes to booking a tour, the generational divide widens further. While over half of renters under 55 prefer to schedule a tour online and only 22 percent prefer to call, the numbers are almost reversed for older renters. For this group, phone calls are the most popular choice, with 42 percent of respondents, while only 26 percent prefer to book tours online. And 21 percent opt to email the property instead, compared to only 15 percent of younger renters.

While the majority of older renters prefer to submit their application online (54 percent), over a third say they prefer to submit it in person (36 percent). In contrast, 76 percent of renters under 55 prefer online applications, and only 19 percent say they’re prefer to submit it in person.

What you can do to attract senior renters to your property

Start putting these insights into practice. How can you adapt your leasing strategy to better appeal to older renters? Check out our top nine tips for marketing your properties to seniors.