Rising number of seniors in the Philadelphia area are choosing to rent their homes for various reasons.
In the Philadelphia area, a notable demographic shift is occurring as individuals aged 65 and older emerge as the fastest-growing segment of renters. This trend has become increasingly evident as seniors seek more accessible living conditions, often prompted by desire for proximity to family or the elimination of homeownership responsibilities.
One poignant example of this shift is 73-year-old Ken Mann, a retired mortgage banker who recently relocated from Long Island to Lower Merion. Driven by a desire to strengthen his bonds with his three granddaughters, Mann’s decision reflects a growing preference among older adults to live closer to family. This move comes at a time when the Philadelphia metropolitan area, which encompasses Camden and Wilmington, has experienced a substantial increase in seniors renting homes. From 2013 to 2023, the region witnessed a rise of approximately 39,200 renters in this age group, translating to a significant 24% growth.
Seniors are living longer and often face different housing needs than in previous generations. While some individuals have always rented by choice, many are transitioning from homeownership to rental living for convenience and lifestyle enhancement. Mann, for example, explained that he enjoys the flexibility that renting offers, opting out of the responsibilities that come with owning a home.
Helen Aster, a senior general manager at a regional property management company, has observed this change in her market. She recalls a time when families with young children dominated her property tours, with little representation from seniors. However, in recent years, there’s been a noteworthy increase in inquiries from families looking for apartments suitable for their aging parents. This trend is attributed to the evolving expectations of living arrangements for older adults, who often prefer to remain close to their loved ones while enjoying a vibrant community.
The demand for senior-friendly rental options has spurred local developers to create projects tailored to older adults. Notably, Abrams Realty & Development has plans for a rental building designated for residents aged 55 and older, contributing to a mixed-use development at the Exton Square Mall. This strategic planning not only caters to the needs of senior inhabitants but also aligns with local interests in maintaining community integrity.
Simultaneously, subsidized housing options remain essential for seniors, as more individuals face financial constraints. Developers like Pennrose have recently opened 51-unit buildings designed for seniors in Chinatown, further evidencing the growing need for affordable rental options within this demographic.
The increasing number of older renters, along with the development of age-appropriate living spaces, marks a significant transformation in the Philadelphia housing landscape. As this trend continues, it provides insights into the evolving lifestyle preferences of older adults, who seek to balance independence with the benefits of community living in their later years.
