According to the National Association of Home Builders, the rental market for the 55+ community is at an all-time high.
- Baby boomers are the fastest-growing group of renters, Census figures show.
- More than 5 million baby boomers are expected to rent their next home by 2020.
- Many boomers want amenity-rich full-service buildings like millennials, brokers tell CNBC
In specific areas, such as Arizona and Florida, there is a huge opportunity in housing for retirees. Experts say that the shift is, at least in part, a result of the long-term decline in homeownership caused by the Great Recession. Another reason is their children are now older and have moved out. Older Americans are taking advantage of the sellers' market to cash in on their family homes and downsizing. While the oldest Boomers are in their early seventies, many residents of this generation plan on aging in place.
So what does this all mean? It seems pretty clean there is and will continue to be an impressive amount of Baby Boomers entering in the renter market. If you can meet their needs, demand will be so high that the probability for investment success will increase significantly.
helpful articles:
http://www.freddiemac.com/research/consumer-research/20160608_55ers_significant_impact_housing_market.html
https://www.allpropertymanagement.com/blog/2018/03/09/rising-demand-among-55-plus-renters/
https://www.appfolio.com/blog/2018/03/baby-boomer-rental-trends/
