When you think of a typical NYC renter, do you picture a millennial? That's understandable, since conventional wisdom tends to peg renters as being in their 20s. But new data from RentCafe shows that senior renters are more prevalent in NYC than other age groups.
The study from the listing service looked at the demographics in 30 of the nation’s biggest cities and found that NYC had the largest share of renters aged 60-plus, with 27 percent or 572,130 households, in 2017.
And New York is the only city to have more 60-plus renters households than those under 34—because of NYC's high rents.
Seniors' share of the rental market is growing as the U.S. ages, with 22 percent of the current population 60 or older, thanks to the largest adult generation, baby boomers, hitting their senior years. More homes are rented than owned by seniors in the U.S., 43 percent to 31 percent from 2007-2017, the study finds.
Of the NYC boroughs, the Bronx saw the most growth of senior renters between 2010 and 2017, with an increase of 34 percent, according to further analysis of the data by RentCafe’s for Brick Underground.
With 29 percent, Manhattan had the largest share of senior renters, followed by Staten Island at 28 percent.
60-plus renters vs. owners by NYC borough 2010-2017:
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