Older Bay Area renters surge amid housing squeeze

More older adults in the Bay Area are renting — and fast.

Why it matters: Rising rents and stagnant incomes are squeezing senior renters, and it’s likely to continue as our aging population increases rapidly.

By the numbers: More than 13% of San Francisco metro area renters were 65 or older in 2023, up from about 10% a decade earlier, according to a report by rental listing site Point2Homes.

  • Renters 65 or older jumped from nearly 157,000 in 2013 to more than 163,500 in 2023.
  • The population of renters 55-64 years old also increased by more than 8,000 people.
  • Meanwhile, the number of renters in the age groups 18-24, 25-34, 35-44 and 45-54 all fell.

The big picture: The share of overall U.S. renters 65 or older had a similar trajectory, rising to 13.4% in 2023 from 10.4% in 2013.

  • That age group saw the biggest jump of any, adding 2.4 million renters over the decade, researchers found.
  • Just two of 75 major U.S. metro areas posted a decline in the share of renters 65 or older.

Between the lines: Many older adults are on fixed incomes and stay in their homes because they’re mortgage-free or have a low interest rate.

  • But others are renting for less upkeep, to be closer to family, or for walkable neighborhoods.

Zoom in: Residents aged 60 or older are the fastest-growing age group in San Francisco proper, according to a March report from the San Francisco Human Services Agency (SFHSA).

  • The city’s housing affordability crisis is especially challenging for older residents, “who tend to live on lower fixed incomes relative to the overall population,” the SFHSA report said.
  • As a result, they sometimes face harassment or legal battles related to evictions and rent increases. These cases have led to elder abuse charges and a $2.4 million penalty against one particular landlord.

The intrigue: “Active adult” rental communities (think: resort pools and yoga gardens) are expanding quickly as a lower-cost option for those who want to downsize but don’t need traditional independent living services, according to the National Investment Center for Seniors Housing & Care…

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