More Florida Seniors are Choosing to Rent
A growing number of older adults in Florida are renting instead of owning. From 2013–2023, senior renters rose 22% in Miami and over 80% in Jacksonville.
MIAMI – More seniors are stepping away from the burdens of owning a home and, instead, are using home equity or retirement savings to support alternative living arrangements, such as renting, especially in South Florida.
Researchers at Point2Homes, an online real estate marketplace, analyzed the 75 most populous U.S. metro areas and found that renting has become more common among older adults today than it was a decade ago. In fact, all 75 metros showed increases in renters in the 65+ age category, according to the report.
In the Miami-Fort Lauderdale-West Palm Beach metro, the study revealed a staggering 22% increase in renters ages 55-64 and another 22.4% increase for those 65 and older in the decade between 2013-2023.
Other percentage changes for that area included: ages 18-24 (-4.1%); 25-34 (-4.3%); 35-45 (+3.7%); and 45-54 (-5.3%).
Nationwide, the number of renters ages 65 and over grew by 2.4 million in that 10-year span, more than any other age group. And, yes, Florida is at the heart of that shift.
Jacksonville recorded the second-highest increase (behind Baton Rouge, La.) in senior renters among the 75 largest U.S. metros — up over 80% in 2023 compared to seniors in 2013.
In Lakeland and Orlando, renters in the 65+ age group grew by around 50%.
Among the reasons, the study found, were getting away from property taxes; repairs; the complexities of downsizing; flexibility for job-related moves or part-time relocation; and moving closer to family.
The new 2.4 million overall 65+ renters also reflected the largest percentage jump of any age group (just shy of 30%).
Some other key Florida highlights from the recently released report:
Senior renters surge: In addition to Jacksonville, Lakeland and Orlando, seniors also make up 21.3% of renters in the North Port–Sarasota–Bradenton metro and 18.5% in the Cape Coral–Fort Myers area, solidifying the state's status as a destination for later-life living.
Single-family homes gain ground with seniors: House renting among those 65+ grew in six major Florida metros. In Jacksonville, the number of house renters in the 65+ age group jumped by nearly 70%, with Orlando and Tampa seeing increases of over 20% compared to senior house renters 10 years ago.
Younger age groups are renting less than a decade ago: In five Florida metros — including Miami and Tampa — the number of renters ages 24 and under declined compared to 10 years ago. This is due to student housing, living with family longer, or remote work enabling home ownership in less expensive markets.
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