When you think of renters, you probably think of millennials. But new data shows there’s a new renting generation in town — literally.
According to a new RENTCafé study on the United States renter profile based on 2009-2015 Census data, empty-nest Baby Boomers now rule among renters.
In fact, according to the study, 2.5 million senior households of people 55 years and older joined the U.S. rental market over the 6-year period. That’s an increase of 28 percent.
For comparison, the data revealed an uptick of only 3 percent nationwide for renters 34 years or younger.
The new renters (no matter their age groups) predominantly flocked to suburbs and 39 percent more Baby Boomers lived in suburbs in 2015 than in 2009 and 21 percent more lived in cities.
And of the biggest rental markets in the country, metro Atlanta boasts the sixth largest increase (44 percent) in Baby Boomer renters. Millennial renters increased by 18 percent between 2009 and 2015.
The research also noted a trend in education level with new renters in both cities and suburbs holding a bachelor degree or higher.
In Atlanta, 37 percent of new renters fit the bill, ranking it fourth in the nation in that category.
Phoenix, Arizona and Denver, Colorado attract the highest-educated renters, the study found.
Atlanta’s suburbs are especially attractive for families, both with children or without. Suburbs noticed a 44 percent growth in renting families without children and a 41 percent increase in renting families with children.
But urban neighborhoods only saw a 25 percent increase in renting families without children and an 11 percent increase in renting families with children.