Number of Senior Renters in Las Vegas Valley Jumped Over 30 Percent in Past Decade

LAS VEGAS, NV – A new study indicates that the number of senior renters in the Las Vegas Valley has jumped by a significant degree over the course of the past decade, with experts chiming in with several reasons as to why that may be the case.

Point2Homes, citing data from the U.S. Census Bureau, released a study this week that notes there has been a 33.7 percent increase in the number of renters in the valley aged 65 and older between the years of 2013 and 2023.

In contrast, the report said, renters in practically all other age groups decreased during the same period of time, with the largest decrease being 8.4 percent among those aged 18-24, followed by 5.1 percent among those 35-45, 4.8 percent among those 45-54, and 0.8 percent among those 55-64.

The only other age group that saw an increase in the number of renters during that time period was among those aged 25-34, with a 4 percent jump.

The increase in the number of senior renters in the valley over the last decade was higher than the national average, which was 29.4 percent, or 2.4 million people.

The author of the Point2Homes study, Alexandra Ciuntu, said the increase in senior renters in Southern Nevada is indicative of several factors that serve to make the region attractive to that particular demographic.

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 national rise in senior renting, according to the report, can also be attributed to a need on the part of older Americans to downsize and simplify their lifestyles as they age.

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,” the report said. “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.”

Shelter Realty Property Management specializes 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.