Forget Owning, Renting is Becoming the End Game for Many Baby Boomers

The growing number of renters in major U.S. cities reflects residents' increasing motivation to opt for rental housing because it offers a more flexible lifestyle than homeownership, reports the Washington Post . This attitude is especially pronounced among baby boomers, who highly desire mobility, convenience, and community. Boomers' push for mobility is driven by the realization that they no longer need large suburban homes as their children are grown and out of the house. Rather, they are choosing to rent in urban areas that offer more flexibility for travel and the option to leverage the equity in their homes. Many boomers also are working longer than the previous generation, and they still want to be close to their job. In terms of convenience, renting is an attractive substitute for busy boomers who are ready to give up home-maintenance tasks. Apartment owners/managers are helping this trend by offering perks such as package storage, fitness centers, and pools, as well as hotel-like concierge services to enhance the resident experience. The third factor boomers value is community, as modern apartment amenities are designed to encourage socialization. Boomers appreciate this because they may be exiting a social network as they relocate from the suburbs.