Connecticut has seen an increase in the number of senior citizens renting over the last 10 years. 

In the Bridgeport-Stamford-Norwalk area, the number of people over 65 renting housing has increased by 60%, according to a study from Point2Homes. The Hartford-West Hartford-East Hartford area saw a smaller increase, with the number of senior citizens renting rising by 8%.

This translates to an additional 13,504 senior citizens renting in the Bridgeport-Stamford-Norwalk area, and an additional 3,261 people in the Hartford-West Hartford-East Hartford area, according to data published by Point2Homes.

Based on data from the most recent census estimates, there are around 20,000 senior citizens living in Bridgeport, 22,000 in Stamford and 9,200 in Norwalk. There are roughly 15,800 senior citizens in Hartford, 12,600 in West Hartford and 7,700 in East Hartford.

The change in rental rates is in line with national trends. 

From 2013 to 2023, the number of senior citizens renting has increased by 2.4 million nationwide, according to Point2Homes. Not only has the overall number of senior citizens renting houses increased in the last decade, but senior citizens are also more likely to rent houses now than they were 10 years ago.

“With record numbers turning 65, the shift not only echoes the broader aging of the nation, but also may signal a new approach to housing as more seniors enter the next chapter of their lives,” said Point2Homes in an article about the study, which was written by Alexandra Ciuntu.

The study identifies several factors contributing to the increase in senior citizens renting, including downsizing to smaller homes, high mortgage costs, and relocating to be closer to family, according to the study. 

“As life expectancy rises, more Americans are settling into non-homeowner lifestyles in their later years, with many redefining their priorities and even renting for longer,” the article states. “Notably, a growing number are staying in the workforce longer and renting for its ease and mobility, moving away from the traditional image of retirement.” 

Since the pandemic, property taxes have increased by billions of dollars across the state. And in the last few years, electricity rates have steeply increased, due in part to the public benefits charge.  

There is also a shortage of housing in the state — for both prospective homebuyers and renters.

In the Hartford area, the percentage of people renting houses between the ages of 18 and 54 has decreased in the past decade, according to Point2Homes.

“Rentership within all younger age brackets has declined at the national level,” the study found. “But, data shows that the biggest drops in rentership (by age group) were felt among the youngest (24 and below) and the 45-54 bracket.”

A larger percentage of people under 24 live in student housing or family homes, a trend that goes back years, but was accelerated during the pandemic, according to the study. Meanwhile, remote work gave people in the 45-54 age range the opportunity to move to areas with lower housing costs, increasing homeownership. 

The Bridgeport-Stamford-Norwalk area has broken from this trend, with a 50% increase in people under the age of 24-years-old renting houses in the last 10 years. Across the board, except in the 45-54 age range, renting has increased in the area. However, this may be because of an influx of people who are “priced out” of New York City, according to the study.

While the cost of buying and maintaining a house has increased in Connecticut, so has the cost of rent. However, the market is still significantly less expensive than in New York. 

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