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Why More Baby Boomers are Choosing to Rent
Millennials may be facing some stiff competition in the rental market with Baby Boomers foregoing a mortgage payment in favor of a rent check. According to Harvard University's Joint Center for Housing Studies, the growing demographic of renters are between 50-75. Downsizing, less maintenance, and greater flexibility are all driving factors for Boomers opting to either sell their primary residence, or rent a second part-time home. What are the perks of choosing a landlord over a lender?
A 55+ community is an attractive option for some folks seeking the amenities, and the active lifestyle that many offer, although finding one with options to rent can sometimes be difficult. Primarily owner occupied, some communities will allow for a long term lease (6-12) months, or a rent to own situation. Take the headache out of doing your own search, and hire an agent to help you locate a community that best suits your rental needs.
Less maintenance is a big reason baby boomers prefer renting over home ownership. Leaky pipes or broken furnaces can be expensive repairs when you have to fork over the cash yourself. There is peace of mind knowing you can simply call your landlord or property management company in lieu of dipping into your hard earned nest egg.
Not sure where to settle down? Renting offers greater flexibility to move around especially if you're trying locations on for size. Short term rentals are perfect for snowbirds, or someone in the market for their dream home.
For empty nesters, downsizing is a big reason that many choose to rent. Apartments and condominiums are great options when a big empty house is no longer practical. They tend to be less expensive, and provide the convenience of landscaping, and home maintenance as well as the lock and leave aspect for those who love to travel. Baby Boomers looking to live where the action is can often find urban rental options in the city putting you closer to shopping, restaurants and entertainment.
Whether you're looking to rent for a weekend getaway, or just want more freedom, the choice to rent vs. buy can be a great way to go!