The Fastest-Growing Renter Group May Surprise You: Seniors in Western New York
When you think of renters, you might picture college students, young professionals, or families waiting to buy their first home. But here’s a surprise: the fastest-growing group of renters in the U.S. isn’t twenty-somethings—it’s seniors.
Between 2013 and 2023, the 65+ age group added about 2.4 million renters nationwide, a growth rate of nearly 30%. And right here in Western New York, this trend is becoming more visible every year.
Why Are More Seniors Choosing to Rent?
There are several reasons older adults are making the move away from homeownership:
- Less Maintenance, More Freedom – A rental means no snow shoveling in Buffalo winters or costly roof repairs.
- Financial Flexibility – Many seniors downsize, cash out equity from a home sale, and rent instead of carrying a mortgage.
- Lifestyle & Amenities – Renting in walkable neighborhoods like Elmwood Village, North Buffalo, or near Canalside allows easy access to dining, healthcare, and entertainment without the burden of upkeep.
- Proximity to Family – Seniors often choose rentals closer to children and grandchildren in areas like Amherst, Williamsville, or Hamburg.
Pros and Cons of Renting in Retirement
Pros: Flexibility, fewer financial surprises, no upkeep costs, and access to community amenities. Cons: Rent increases over time, less stability than homeownership, and no property equity growth.
For many, the pros outweigh the cons—especially with the rental market in Buffalo and Western New York offering everything from trendy downtown lofts to quiet senior-friendly communities.
How Great Lakes Real Estate Can Help Seniors Renting
You may not think of calling a real estate agent when it comes to renting—but that’s a missed opportunity. At Great Lakes Real Estate, our agents:
- Know which neighborhoods and rental communities are the best fit for your lifestyle.
- Help navigate rental agreements and avoid hidden costs.
- Assist families who are selling a longtime home and transitioning into a rental.
- Provide guidance if you’re considering renting first, then buying a smaller home or condo later.
Whether you’re 65 or 25, renting doesn’t have to be overwhelming. Having an experienced real estate team by your side ensures you find the right fit for your lifestyle and budget.
The Bottom Line
Seniors are renting more than ever, and Western New York offers countless options for making the transition. Whether you’re downsizing, simplifying, or just looking for something new, Great Lakes Real Estate is here to help you every step of the way.
Call our office today at (716) 754-2550 to explore rental opportunities or start your downsizing journey.
