The Biggest Game Changers in Renting Are Older, Highly-Educated Renters, and 2.5 Million Stronger.

Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent. Baby boomers also account for the highest increase in renters in urban areas, but the spike in numbers of baby-boomer renters is much higher in the suburbs (2 percent vs 39 percent). The second highest increase comes from renters aged 35-54, 27 percent in the suburbs and 8 percent in the city.