Seniors are dominating NYC rentals

Renter households over 60 are increasing across the country
March 23, 2019 02:00PM

(Credit: iStock)

The city that never sleeps has become a popular home for senior tenants.

Out of the 30 biggest U.S. cities, New York has the largest share of renter households age 60 and up, the New York Post reported. In fact, there are more rental households over 60 than there are under 34.

There were a total of 572,132 renters over the age of 60, or 27 percent of all renters in the city, as of 2017. That’s a 20 percent increase from 2007, the report said.

The New York trend also translates on a national scale. Renter households over 60 in the U.S. climbed 43 percent in 2017 versus 10 years earlier. The demographic saw the fastest growth among all age groups, the report said. By 2035, seniors will make up one-third of the country’s rental market.

Though the Big Apple still has the biggest share of seniors, other cities saw larger increases in the number of older renters over the last decade. Austin saw a 113 percent jump, while Phoenix, Arizona had a 112 percent gain and Fort Worth, Texas had an 83 percent gain. [NYP] — Meenal Vamburkar