Austin saw 3rd biggest surge in senior renters over the last 10 years

New U.S. Census data has revealed a startling trend regarding Austin’s renter population: The number of renters aged 65 and older has surged over 81 percent over the last decade. There are more than 23,000 seniors currently renting their homes in the Austin area.

Austin-Round Rock saw the third-highest growth rate in senior renters nationwide from 2013 to 2023, according to a new renter population study by Point2Homes.

The report analyzed the latest Census data for renters across every age demographic in the 75 biggest U.S. metros. Nationally, the number of senior renters has increased by 2.4 million people over the last decade.

Austin also ranked as the metro with the highest growth rate in senior renters in Texas. Furthermore, the number of seniors renting single-family homes in Austin-Round Rock has more than doubled in the last 10 years, representing a 100.5 percent increase since 2013. That means 9,005 seniors are renting single-family homes in the Austin area.

Austin’s growth in senior single-family home renters fell third to Dallas-Fort Worth-Arlington and Omaha-Council Bluffs in Nebraska-Iowa, whose growth rates respectively increased by 100.8 percent and 103.5 percent.

“Omaha’s affordability and senior-friendly rental options are attractive to retirees, while rising property taxes and home prices in Dallas and Austin may be prompting older homeowners to consider renting,” the report’s author wrote.

The report adds that these seniors are shifting their priorities and “stepping away from the burdens of homeownership” in order to live closer to family, downsize, or cut costs to simplify their standard of living.

“A Harris Poll survey showed that the older crowd now has a lower threshold for interest rates when buying, meaning they’re more sensitive to the financial burden of a mortgage,” the report’s author wrote. “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.”

Point2Homes also points out that this “senior renter boom” can be linked to the (oddly named) trend of elderly “baby chasers,” meaning grandparents who choose to relocate to be closer to their grandchildren.

Senior renter demographics in Austin
The report also analyzed Austin-Round Rock’s share of renters based on age group. Predictably, the highest share (35.1 percent) of Austin’s renter population is between the ages of 25-34, with the second highest share (20.5 percent) falling to residents aged between 35-44.

Only 7.5 percent of Austin’s entire renter population is between the ages of 55-64, while 7.4 percent are seniors aged 65 and up. The metro’s youngest demographic of renters, aged 18-24, only make up 18.4 percent of all Austin-area renters. That leaves the remaining 10.9 percent of Austin renters falling into the 45-54 age bracket.

Senior renters in other Texas metros
Dallas-Fort Worth-Arlington had the fifth-highest growth rate in senior renters from 2013-2023 in the U.S., while Houston-The Woodlands-Sugar Land ranked 8th nationally with a 60.3 percent increase in senior renters.

DFW also ranked as the metro with the second-highest growth rate in senior renters statewide. The Metroplex gained 78,218 senior renters, making it the metro with the No. 1 highest numerical change in renters aged 65-plus in Texas.

Meanwhile, the Houston metro gained 63,749 senior renters during that time period, which was the fourth highest numerical increase nationwide.

San Antonio-New Braunfels ranked No. 62 out of all 75 U.S. metros with only a 24 percent increase in senior renters from 2013-2023, and the metro gained 11,257 senior renters.

The top 10 U.S. metros that had the highest increases in senior renters over the last decade are:

• No. 1 – Baton Rouge, Louisiana (88.7 percent)
• No. 2 – Jacksonville, Florida (83.7 percent)
• No. 3 – Austin-Round Rock, Texas (81.1 percent)
• No. 4 – New Orleans-Metairie, Louisiana (69.7 percent)
• No. 5 – Dallas-Fort Worth-Arlington, Texas (66.5 percent)
• No. 6 – Raleigh, North Carolina (63.5 percent)
• No. 7 – Bridgeport-Stamford-Norwalk, Connecticut (60.4 percent)
• No. 8 – Houston-The Woodlands-Sugar Land, Texas (60.3 percent)
• No. 9 – Lakeland-Winter Haven, Florida (54.1 percent)
• No. 10 – Charlotte-Concord-Gastonia, North Carolina-South Carolina (53.5 percent)