Elderly Join Trend of Increased Home Renting Over Buying
LAS VEGAS – In years past retirees often remained in their homes as long as possible – even after their children have grown and moved on, or their spouse has passed away – but more recently, many seniors are opting to sell their homes and downsize into a rental for a variety of reasons. This is beginning to have more of an overall impact on the rental market – especially in Las Vegas – and has started to change into statistics.
For instance, due to improvements in healthcare and the resulting increased average life expectancy, the number of elderly in the United States has reached numbers not seen before with 22 percent of the population aged 60 years or older discovering the benefits of renting, especially on a local level; among large U.S. cities, such as Las Vegas sitting with the fourth-highest amount of senior renters, comprising approximately 21 percent of the market. And there are a number of legitimate reasons why; as American society changes and evolves, this is the case, and we can expect this number to increase as times goes by. In fact, the number of renters in their early 60s increased by 84 percent between 2006 and 2016, according to reports.
Renting as a senior holds many attractive qualities, including convenience and flexibility that owning a home might not afford. Rentals mean less home maintenance, which can otherwise be a lot of work for individuals that may be experiencing age-induced physical ailments; however, when something needs fixing and you’re a renter, a call to the landlord or property manager is all that is needed. Also, many rental units offer accessibility options – such as elevators – that a home will not, allowing elders to get around easily and remain independent longer. Additionally, rentals are often situated closer to services and stores than suburban homes are, allowing a senior easier access to the supermarket, pharmacy, or a movie theater.
Plus, selling your home and moving into a rental while in your Golden Years allows you to move to a less costly part of the country, so you can stretch and increase your retirement savings that much farther. Many seniors – after the sad passing of a spouse – often find themselves living alone, and the last thing a person in that situation would want to do is to maintain a multi-bedroom house for just one person. Rental units offer a single senior neighbors and building workers who provide a sense of community and a source of help if it is needed.
The rental market is being impacted more and more by the senior community – especially in Las Vegas – and as time goes by and the percentage of elderly in our country increases even more, that impact will continue to be felt. Indeed, because of this, investing in properties that feature amenities aimed at seniors is an excellent idea for anyone looking to get into real estate, in Las Vegas or anywhere else in the country.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.