Why Las Vegas Valley is seeing a major rise in senior renters
The number of renters age 65 and older in the Las Vegas Valley jumped 33.7 percent from 2013 to 2023, according to a new study.
Virtually all other age groups dropped over the same period, according to the study from Point2Homes, which pulls its source data from the U.S. Census Bureau.
Renters aged 18-24 saw the biggest drop (8.4 percent), followed by those 35-45 (5.1 percent), 45-54 (4.8 percent) and 55-64 (0.8 percent).
Other than senior citizens, the only renter age category that saw an increase was 25-34 (4 percent).
The national growth rate for senior renters over the same time period was 29.4 percent (2.4 million people).
Alexandra Ciuntu, the author of the Point2Homes study, said the bigger increase in the Las Vegas Valley is a reflection of more than just local demographic changes.
“It highlights how Vegas is one of the most appealing and well-positioned areas to attract older adults with its warm climate, abundant senior communities, reasonably accessible health care, and amenities that support a lower-maintenance lifestyle,” she said. “It’s gradually become a standout destination for seniors who want more than just a place to retire, but rather a place to thrive.”
The study also noted that more seniors are renting single-family homes in the valley over the past decade (31 percent jump), putting the valley on par with metropolitan areas such as Los Angeles and Denver, which saw similar increases. While the overall number of senors is rising as the country ages, a number of other factors are also contributing to a rise in senior renters, specifically.
“Compared to 10 years ago, more seniors are stepping away from the burdens of home ownership (such as property taxes, repairs, and the complexities of downsizing) and, instead, using home equity or retirement savings to support alternative living arrangements,” read the report. “Some are moving closer to family, others are downsizing to cut costs, or renting simply to live on their own terms. Renting also provides flexibility for a growing number of older adults who remain in the workforce well into their 60s, allowing for job-related moves, seasonal living, or part-time relocation.”
The study also found that the only demographic sectors to see a rise in renters across the country are those aged 55 to 65-plus, and a recent Harris Poll found that seniors have a “lower threshold” for interest rates now when buying.
Freddie Mac has the average rate for a 30-year fixed-term mortgage at 6.7 percent. That rate has not dropped below 6 percent since September 2022.
“Downsizing from larger family homes, avoiding costs and upkeep tied to ownership, and prioritizing proximity to family or medical services are also among potential motivators for renting,” read the report. “As life expectancy rises, more Americans are settling into non-homeowner lifestyles in their later years, with many redefining their priorities and even renting for longer. Notably, a growing number are staying in the workforce longer and renting for its ease and mobility, moving away from the traditional image of retirement.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
