Welcome To Boomer Town: Dallas Is No. 4 In The Nation For Baby Boomer Renters

So step aside Mr. Millennial, the boomers are moving in.

Dallas ranked fourth in the nation by increase in the number of baby boomer renters from 2009 to 2015.

A census data study by RentCafé shows that 2.5 million boomers nationwide joined the renter cohort, the largest net and percentage change (28%) of any generation. Baby boomers are eschewing their homes for rented digs in walkable communities where they can socialize, downsize and empty nest in bliss. The under-34 cohort rose by only 3% and the 35 to 54 cohort registered a 14% increase, just half the rate of boomers. The report cites the housing market crash, the need to downsize and change of lifestyle as the primary drivers of this massive increase in renting boomers.

“Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent,” Re/Max Masters broker Simona Solomie told RentCafé.

According to the report, Dallas saw a 46% overall increase in baby boomers renting housing over the duration of the study. The boomers are gravitating primarily to spots in the suburbs with 38% growth in empty nesters and 39% growth in boomers with families living with them. Urban areas saw an increase too, but not nearly as drastic, with empty nesters increasing 21% and non-empty-nesters increasing 15%. RentCafé said the change in suburban life, the rise of “suburban downtowns” and “transit-oriented” communities and the typically lower rents are all factors drawing the boomers in or more accurately, out.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Dallas-Fort Worth Newsletters
Related Stories

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

NYC Pushes To Use Opportunity Zone 2.0 For Mamdani's Housing Goals

DOJ Charges LA Nonprofit Workers With Misusing $8.7M Meant For Housing Aid

McKinney Approves $21M In Funding For Cannon Beach Surf Resort

Bugatti Lends Brand To 60-Story Miami Condo Tower

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects