Changing Demographics of Renters
12/19/2014 10:14 AM
Recent studies have identified some interesting developments in renter demographics. Since the Great Recession, renters under age 25 have decreased while those over age 55 have increased. Persons ages 18-39 have long been the primary age group for rentals however the recent recession seems to have changed this. The study performed by Axiometrics attributed lack of job creation as the reason that fewer renters under age 25 have formulated their own households. Conversely, the report speculates that the increase in renters ages 55-64 has risen primarily by choice. The Great Recession not only made homeownership more difficult for first time homebuyers but it also changed people’s attitudes towards homeownership.