Real Estate

Baby boomers, like millennials, are flocking to rentals offering a 'hands-free' lifestyle

Amy Zimmer, special to
Key Points
  • Baby boomers are the fastest-growing group of renters, Census figures show.
  • More than 5 million baby boomers are expected to rent their next home by 2020.
  • Many boomers want amenity-rich full-service buildings like millennials, brokers tell CNBC.
Source: Ollie


Now, rather than mowing a lawn, the 60-year-old higher education administrator spends his free time visiting museums and taking in New York's other cultural offerings.

"As you get older, there are only so many things you want to concentrate on. Apartment life lets you focus on things that matter and get rid of stuff that takes up a lot of time," said Chung. His building's concierge signs for his packages, and arranges for housecleaning.




"The boomers are the biggest demographic that can afford it," he said. "But tech levels everything. We're seeing a lot of engineers come to New York, a lot of people in tech who don't work from an office."

A lot of millennials are moving into brand-new rentals, and a lot of boomers are saying 'That's what's I like too.'
Phillip Salem

'We chill, it's a community'




"You would think they would be buying and investing in property, but a lot of people like the convenience and ease of renting," said Phillip Salem, an agent at real estate brokerage firm Triplemint.

"A lot of millennials are moving into brand-new rentals, and a lot of boomers are saying 'That's what's I like too,'" he added.


"When I'm on the roof deck grilling, there are a lot of baby boomers," Salem said. "They come and sit with us. We chill. It's a community."

Source: Ollie




"I say millennial is a mindset not an age group," he said. "Boomers are seeking something urban. They want cultural vibrancy, the theater. They want to be close to where their kids and grandkids are."

A sign advertises an apartment for rent along a row of brownstone townhouses in Brooklyn, New York.
Drew Angerer | Getty Images

Zach Ehrlich, of New York-based brokerage Mdrn. Residential, recently launched a concierge-like rental service called Stoop that offers short-term leases. It's attracting interest among boomers looking for a "hands-free lifestyle" and to sample living in new places.

"There are a lot of seniors finding they want to have more flexibility," Ehrlich said. "They also want to have some sociability, whether they lost a spouse or are separated or just don't have a family unit."

Wendy Sanders, a Long Island, New York-based broker with Douglas Elliman, said that downsizing boomers often sacrifice space to live in something that's brand new.

"They're looking for maintenance-free living. When the toilet overflows, they want someone to take care of it," she said.


"As I'm getting older I'm stressed about this: If I fall down and hurt myself here, what do I need to do?" said Chung. "Why am I even worried? I'm going to pick up the phone and call the front desk. I just have to get to the phone."