From Homeowners to Renters: Boomers Seek Flexibility

Marc Winter
Jul 7
3 min read

Source: NAR

Today’s boomers are trading mortgages for mobility, often with more space and better amenities. Practitioners should study up on their preferences so they’re better able to assist this cohort of buyers.

Baby boomers (born 1946–1964, about 76 million) may prefer renting over buying after selling their homes, according to Freddie Mac. Reasons include:

Greater affordability and control over monthly costs compared to owning
On-site management services like package delivery and plant care (e.g., Optima communities)
Freedom to travel without worry
Ability to invest capital outside real estate
Flexibility to relocate easily
Preference to own only one property (vacation or primary home)
Closeness to children and grandchildren

Chris Nebenzahl of John Burns Real Estate Consulting notes younger generations often choose locations based on job growth. Jean-Marie Minton, SRES®, says some boomers rent only when advised, often seeking equal or more space instead of downsizing, and prefer amenities like walking trails and dog parks over those favored by younger groups. Understanding these varied preferences is key for real estate professionals, who benefit from the Seniors Real Estate Specialist® (SRES®) designation. Despite recent rental supply growth, long-term shortages may occur, as boomers’ needs don’t fit a single rental type.

Traditional Apartments with Amenities

This rental model usually includes newer, multistory buildings with elevators and amenities, while lower-cost options have older, low-rise garden-style units.

Pros:

Location: Often walkable to shops, transit, universities, and healthcare; safety features like buzzers and concierges add appeal.
Design: Single-level, open floor plans with quality finishes.
Amenities: Fitness centers, pools, dog parks, community spaces, and concierge services (e.g., grocery delivery).
Move-in Ready: Turnkey units save time and renovation costs.

Cons:

Rent: Higher due to operational costs; some amenities may not suit boomers.
Noise: Younger residents can make communal areas busy.
Size: Studios and small units may lack space for family; older buildings might not be ADA-compliant.

Build-to-Rent (BTR) Homes

Emerging after the Great Recession, this model appeals to those who want the feel of a single-family home without owning. Though originally popular with millennials and Gen Z, BTR homes also attract boomers.

Pros

Space: These homes often have multiple bedrooms, yards and second stories, but no ownership costs.
Camaraderie: Clubhouses and shared spaces foster community among residents of all ages.
Appeal Across Ages: Developers like Capstone Communities, which began with student housing, found the model also works for boomers, says Executive Vice President John Acken.

Cons

Location: Often in suburban areas, these communities may feel isolating. Capstone aims to incorporate walkability into its designs.
Too Much Space: Large homes may not appeal to all boomers.
Younger Neighbors: A youthful resident mix might not suit everyone.

Active Adult Living

Originally launched by Del Webb in the 1960s with Sun City, Arizona, these age-restricted communities cater to retirees and now serve a broader 55+ population, with an average age of 72 to 75, according to Rockland Berg, AIA.

Pros:

Age-Appropriate Design: Features like lounges, yoga studios, libraries, and arts rooms support aging in place.
Programming: Activities include pickleball, walking trails, health talks, and events such as speaker series and vaccine clinics, promoting purposeful aging.

Cons:

Location: Often situated in popular retirement states, which may be far from family.
Limited Age Diversity: Some residents may prefer a more mixed-age community.
No Advanced Health Care: Unlike continuing care communities, these lack on-site medical services, requiring extra planning for future needs.

No matter which option boomers choose, remind them that it doesn’t have to be permanent—renting can be a flexible, transitional step, and many may eventually return to homeownership.