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Renting in retirement is on the rise, and it has been for the past 10 years. Seniors saw the largest growth in renters of any age group, according to a new Point2Homes study.
The number of renters aged 65 and over increased by 2.4 million from 2013 to 2023, marking a 30% increase, the largest percentage jump of any generation. Surprisingly, their data shows that renters 24 and under declined by around 9%, perhaps reflecting the trend of Gen Z and millennials living at home for as long as possible.
“Many seniors are on fixed incomes, making them especially sensitive to housing costs,” explains
Realtor.com® economist Jiayi Xu. “In today’s high-price, high-interest-rate environment, buying a home can feel riskier and more financially burdensome than it was a decade ago. At the same time, the rise of senior-focused rental communities—offering accessible design, social amenities, and supportive services—has made renting a more budget-friendly and manageable option.”
While the age of renters is surprising, what’s even more surprising is where many of them are settling down. Hint: Florida isn’t the draw it once was.
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Where seniors are renting right now—and why
Florida metros still lead the way in most respects. Seniors make up 21.3% of renters in North Port–Sarasota–Bradenton and 18.5% in Cape Coral–Fort Myers.
While Florida remains a favorite for retirees, the fastest growth in this age group since 2013 occurred in Baton Rouge, LA, followed by Jacksonville, FL, and then Austin–Round Rock, TX—where the number of senior renters increased by more than 80%.
“As a real estate agent in Louisiana, I’m seeing more seniors renting in Baton Rouge and New Orleans because it just makes life easier,” explains agent Erin Hybart. “A lot of them are selling bigger homes to avoid rising insurance costs and the hassle of upkeep. Things like yard work are just getting too much in this heat.”
The feeling is mutual for seniors in other parts of the country, including Charlotte, NC, which saw a 53.5% increase in 65-plus renters in the past 10 years.
“I work with many seniors who decide to rent,” says Karen Holt, global adviser at Premier Sotheby’s International Realty. “They’ve done the big house and yard. Now, they want a low-maintenance kind of lifestyle.”
“Compared to Florida, which has long been a popular but increasingly expensive retirement destination, many parts of Louisiana, Texas, and the Carolinas offer more affordable housing and cost of living, which is especially important for seniors living on fixed incomes,” adds Xu.
“In today’s high-rate, high-price homebuying environment, purchasing a new home can feel financially risky. Renting, by contrast, often offers a more predictable and manageable alternative—especially in markets where there are rising senior-friendly rental options.”
When should retirees start apartment hunting?
“It has become a regular occurrence to see my senior clients sell their homes and rent,” says certified financial planner Jay Zigmont. “Part of it is due to the flexibility renting offers, and part of it is due to the ease of renting.”
Below is a detailed timeline and checklist for retirees who are considering the switch to renting.
How far in advance to start the search
The best way to start looking for an apartment is by identifying your desired move-in date.
You’ll generally need 30 to 60 days to find your ideal apartment. That way, the chances are good that the apartment you find will still be available when you need to move.
The best time of year to look for rental deals
Rent prices tend to be highest from April to August and lowest from January to March.
Be sure to compare prices and look for apartments offering promotions throughout the year.
What seniors should prioritize in a rental
Seniors often prioritize different things in a rental than their younger counterparts.
These factors include accessibility features, walkability, and proximity to health care.
Safety and security—such as secure building access, low crime rate, and well-lit parking lots—are also a big plus for older renters.
When to start speaking with a real estate agent
It’s a good idea to reach out to a real estate agent at least 90 days before your desired move-in date.
If you are moving to another city or state, making contact even sooner is preferable so you’ll have more time to identify which neighborhoods you’d be interested in.
Preparing financial documents (especially for fixed-income renters)
Before searching for an apartment, seniors should make sure all their paperwork is in order.
Landlords usually request certain information, such as recent bank statements, proof of income, and residential history.
“I tell my clients to have all their paperwork ready to go, like verification of income documents, bank or investment statements, a new credit report, tax returns, and government-issued ID,” says Holt.
But if you are looking at a standard apartment complex in retirement, there is a good chance that they are going to have trouble doing a typical income verification for you since you’re a retiree, according to Zigmont.
“You will need to demonstrate retirement income, and often you may need a letter from a certified financial planner or CPA to help prove your income or net worth,” he says.
How to transition from owning to renting—smoothly
Are you a retiree who’s ready to sell your home and move into a rental? The first thing to do is to hire a great real estate agent who has experience in both selling and helping clients secure rental housing.
Before you sell, there are lots of steps to take, including decluttering your home, boosting your curb appeal, and getting a pre-listing inspection.
Plan for the timing overlap between selling and securing a new lease. Coordinating the timing of your sale and your rental move-in date is crucial, especially if you don’t want to have to move twice. The ideal scenario is to move straight from the home you’re selling into your new rental, but that doesn’t always work out.
You might find an amazing rental and need to secure it before your house sells. Or you may need a place to stay between selling your old home and moving into a new one, such as a short-term rental or extended-stay hotel. You can also consider a leaseback agreement with the buyer of your house.
Understand how security deposits and income requirements apply to retirees. Retirement communities often have a different process that looks at your net worth and Social Security income instead of a standard rent-to-income ratio process, according to Zigmont.
If a retiree’s income doesn’t meet a typical rent-to-income ratio, there are workarounds.
“If you don’t meet the apartment complex’s standard process, I have had clients prepay rent for a few months or put down a larger deposit to meet the requirements,” says Zigmont.
You can also consider getting a co-signer or guarantor for your lease if needed.