More Texas Seniors Turn to Rental Market, Study Says
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Seniors in Texas are increasingly forgoing homeownership in favor of renting, with the cohort becoming the fastest growing demographic in the Lone Star State over the past decade.
Using U.S. Census data from the American Community Survey between 2013 and 2023, the single-family rental platform Point2Homes found that the six largest metro areas in Texas saw a combined increase of more than 181,000 renters aged 65 and above. Only New York and California clocked more total growth in seniors renting.
While renters aged 25-34 nabbed the most market share in 2023 and logged the biggest net gains (more than 216,000) over the period, the influx of seniors marks a significant shift in behavior that’s actually bearing out at the national level as well. Some 2.4 million more seniors became renters in the United States over the 10-year stretch, a roughly 30% hike.
Factors like downsizing, the relatively high cost of a mortgage, and relocation to be closer to family contributed to the trend, according to Point2Homes’ study.
Mortgage rates were hovering at 3.34% and 2.64% for the 30-year and 15-year, respectively, at the start of 2013. A decade later, the 30-year was at 6.33% and the 15-year was at 5.52%, per Freddie Mac’s historical mortgage rate data.
As previously reported by CandysDirt.com, President Donald Trump and at least one Federal Reserve official are calling for benchmark interest rate cuts to bring the cost of borrowing down for American consumers.
“Many seniors are on fixed incomes, making them especially sensitive to housing costs. In today’s high-price, high-interest-rate environment, buying a home can feel riskier and more financially burdensome than it was a decade ago,” said in-house economist Jiayi Xu, speaking with Realtor.com.
“At the same time, the rise of senior-focused rental communities … has made renting a more budget-friendly and manageable option,” she added.
Zooming in on the Lone Star State’s biggest metros, it’s apparent that seniors are poised to become a major driver in the state’s local rental markets.
Austin saw the most dramatic rise in senior renters in terms of percentage, with the cohort growing by 81.1% for the largest increase among any age group in the city and the third-biggest for that demographic nationally.
Seniors aren’t sleeping on D-FW, though. Renters aged 65 and above increased by 66.5% and the metro ranked third nationally for highest net gain at more than 78,000 tenants. Houston came in not far behind with a 60.3% increase and net gain of around 63,750 senior renters.
In the case of both Austin and D-FW, the study opined that rising home values and their corresponding property taxes might be encouraging seniors to consider renting over homeownership.
“This points to a shift in how older adults in the region are navigating housing in their golden years: many are choosing renting over ownership to gain flexibility, reduce maintenance burdens, or downsize as their needs change,” Point2Homes’ research team said in a statement to CandysDirt.com. “The scale of growth in DFW reflects both the area’s expanding aging population and its evolving housing dynamics, especially as affordability challenges and lifestyle preferences reshape what retirement looks like today.”
You see a significant dropoff when it comes to the next three biggest metros, but nevertheless, more seniors ended up entering the rental market over the 10-year period in San Antonio, El Paso, and the McAllen area. In fact, senior renters grew in number in all 75 metros analyzed by Point2Homes.
UPDATE: This article was updated at 2:46 p.m. on July 8, 2025, to include a statement from Point2Homes’ research team.
