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What to Know About Landlords

by Carol Marak
written by Carol Marak

A reader requests, “Many retirees opt to sell their homes and rent apartments. It would be great to see something about dealing effectively with landlords as we age, particularly when it comes to important maintenance and safety issues. Many owner landlords are reluctant to spend money or manpower on maintenance; and don’t always take service requests or complaints submitted by older renters seriously and/or do not respond in a timely manner. And many seniors are reluctant to report or assert themselves for fear of reprisal or confrontational situations. Perhaps this falls somewhere under the “elder law” category?”

Drive out rent regulated tenants

Landlords trying to drive out rent-regulated tenants generally use the same harassment methods against the elderly as they do against younger residents. But people over 62 present both more profitable and more vulnerable targets.

  • Giving everyone in the building notices that their leases won’t be renewed. Though landlords can’t legally do that to rent-regulated tenants, this can scare people who don’t know their rights.
  • Offering to pay them to move, sometimes hiring “tenant relocation specialists” to couple buyout offers with threats of eviction.
  • In buildings that are still predominantly occupied by rent-stabilized tenants, failing to make repairs or provide heat and hot water. In buildings with vacant apartments, not bothering to limit the noise, mess and damage to other apartments caused by renovation work. (The Indypendent.)

Get the landlord to fix stuff

Responsiveness depends on several variables, including how tight a ship your super or management company runs.

  • Put it in writing. Rule number one of dealing with landlords is that you should always put your requests and complaints in writing.
  • Tip the super
  • Call 311
  • Take your landlord and the city to court.
  • Withhold rent
  • Work together with your neighbors
  • Do it yourself. (Brickunderground.com)

 

A landlord has a responsibility to keep the rental in a fit and habitable condition.

  • General Building Safety: The physical structure of the building must be safe for tenants to live in. The roof and foundation must be structurally sound. Entrances and exits must be easily accessible.
  • Plumbing Inspections: Plumbing must be up to code.
  • Electrical Inspections: All electrical work in the property must be up to code.
  • Fire Inspections: Rental properties must have the proper number of smoke and carbon monoxide detectors and they must be in good, working order. Some towns will require these detectors to be hard-wired, while others allow battery operated detectors.

 

To learn more about your real estate rights, contact your State Attorney General’s Office.

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Senior Couple Moving to New House
Housing Tips

Senior Rentals: Benefits To Renting, Drawbacks, and Tips You Should Know

by Guest Blogger
written by Guest Blogger

The period between 2006 and 2016 saw an 84% rise in tenants in their 60s. Although not every senior rents a property in their golden years, for many, it is becoming increasingly appealing. There are some definite benefits to living in a rental property as a senior, and while some prefer to live in their paid-off homes for the remainder of their lives, living in a rental home provides peace of mind and ease of care that an owned home often cannot compete with.

Better Maintenance

One of the foremost benefits of living in a rental property as a senior is that maintenance and landscaping are often taken care of for you. This isn’t always the case, of course, but many retirement communities and even some standard rentals offer this service. As you age, taking care of home maintenance and exterior landscaping gets more and more difficult, so having this provided is a decided advantage. The only downside is that you often need to pay for this service. Usually, there is a maintenance fee added to the monthly rent associated with the property, or it’s factored into the rent itself. However, as many homeowners also hire landscapers and cleaners, this may not prove to be an additional cost for you.

Security And Stability

Renting has another decided advantage over owning in your senior years, in that it can make life much easier for an elderly person. Many rental properties feature community-style living where your neighbors are not far away. This provides more safety as you age because it’s easy to call for help should you need it. Additionally, if you’re traveling around and visiting children or friends, a property with close neighbors and frequent maintenance is more secure.

Additionally, if you’re not quite sure where you want to settle down for your golden years, renting offers a solution for that, too. A rental property doesn’t need to be permanent, and if you find that the property or the area does not suit you, it’s as simple as letting the lease expire and moving on to someplace else. Leases can have variable terms, so you can stay in one place for as little as one month if you’re still deciding.

Financial Stability

Unfortunately, the financial outlay involved in renting a house is one point against it. If you own your home, you’re likely to have paid for it by the time you retire, with many retired homeowners opting to buy additional properties to let out themselves. Renting a place will mean monthly payments are still drawn from your bank account. Additionally, owning a home gives you security in the form of home equity, where renting does not. However, owning a home is not without risk, either, so depending on market conditions, your choice may be easier.

If you’re a senior with a healthy retirement account, the costs may not be an issue for you. After all, it’s worth the expense to spend those golden years living in an uncomplicated, peaceful, maintenance-free place with a supportive community around you.

By Jackie Edwards

Now working as a writer, Jackie started her career in finance and banking, but after becoming a mom refocused and decided to spend more time with her family. When she’s not writing, she volunteers for a number of local mental health charities and also has a menagerie of pets to look after.
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Housing Tips

Next Gen of Renters: Mom and Dad – Renters over 60 Grew by 43% in a Decade

by Guest Blogger
written by Guest Blogger

The U.S. is slowly becoming an aging country, according to U.S. Census data – more than 22% of today’s population is aged 60 or over. The RENTCafé study shows that the oldest cities in the country are mostly popular retirement spots in Florida, California, or Arizona, and have a median age of over 39.6. When it comes to renting, Austin, TX has the largest share of aging renters over 60 (12%), followed by Phoenix, AZ (17%), which also experienced the highest increase of 60+ renters, of 112%.

As expected, the median age among renter households is younger (42) than that of householders (56), but that gap is slowly closing as the older population becomes less enthusiastic about homeownership. Between 2007 and 2017, renter households aged 60 and over witnessed a 43% increase, reaching 9.37M nationwide. At the opposite side of the chart are younger age groups like renters 35 and under, which saw the weakest increase in a decade (7%), reaching 14.898M. By 2035, the 60+ demographic could grow to an estimated 18.6M, which is bound to have an impact on the future state of the U.S. real estate market.

Today’s demographics look substantially different than they did only a decade ago due to America’s older population growing significantly and at a very fast pace. According to Census data, the U.S. is a rapidly aging country, with more than 22% of the current population being aged 60 & over.

The overall aging of the population is not just the result of the economic hardship following the 2007 Great Recession, reflected in declining birth rates, but also the result of the Baby Boom cohort, America’s largest living adult generation, passing age 53 in 2017.

Our research shows that as the 60+ cohort grew bigger and faster, it also helped push the national median age from 36.7 in 2007 to 38.1 in 2017, the highest it’s ever been.

Taking into consideration the decline in births, as well as the higher life expectancy, this trend will likely continue uninterrupted. But which parts of the country have contributed more to this rapid graying of America?

The oldest cities by median age in the U.S. are popular retirement spots

Our top 30 oldest cities all have a median age over 39.6 and are mostly retirement cities in Florida, California, or Arizona. In fact, Florida is home to 12 of the oldest cities, with Cape Coral, first in our top, boasting a median age of 47.9, followed by Hialeah, with 46.5. Sunny Scottsdale, AZ is third in our top, with a median age of 46, proving once more its high popularity among retirees in search of warm days and entertainment.

The population’s median age increase is also reflected in the median household age that saw a steady increase over the 10-year period, reaching 52 in 2017.

Renter households over 60 are up by 43%, outpacing owner households and growing faster than other age groups

As expected, renter householders tend to be younger, with a median age of 42 in 2017, compared to owner householders that had a median age of 56 in the same year. Moreover, the rapid aging of householders is visible throughout the 10-year period analyzed with both renter and owner householders getting older. But the median age of renters has been slowly closing the gap over the last decade.

Renter households aged 60 and over drove the past decade’s surge in renters, with a 43% increase, from 6.551M to 9.37M in 2017, greatly outpacing younger age groups. While those aged 35 to 59 grew by 17% from 16.325M to 19.111M, renters aged under 35 witnessed the slowest increase rate of 7%, growing from 13.987M to 14.898M in a decade. Likewise in net numbers, the U.S. gained more new senior renter households in the past ten years than in either of the two younger renter age groups.

Aging-renters-owners

Stemming from a decline in homeownership, older renter households increased faster than older owner households – 43% versus 31%. The rapid growth of the 60+ population is also visible across owner households as the only increase in the 10-year period between 2007 and 2017 was witnessed by seniors over 60. Those aged 34 and under saw a 19% decrease and owner households between 35 and 59 decreased by 12%.

Past studies we conducted show that the older population is no longer enthusiastic about homeownership, with many seniors starting to downsize and move into rentals. As their children move out, they find themselves alone, in a big house that costs a lot to maintain, causing them to rethink their housing choices.

Austin boasts the highest 10-year percentage change in the share of older renter households

Out of the 30 most populous cities in the U.S., 16 experienced an increase of over 40% in the 60+ renter household share between 2007 and 2017. Austin, TX takes the first place as the city with the highest percentage change in the share of 60+ renter households, increasing by 113% in the 10-year period. Phoenix, AZ is also present in this top with the second highest increase of 112% and it’s followed by another Texas city: Fort Worth, with 95%.

Renters over 60 in the top 30 largest U.S. cities

Data Source: Census Bureau, ACS 2007 to 2017 1-year estimates

On the other hand, New York had the largest share of 60+ renter households in 2017 – of 27% or 572,130 renter households. It’s also important to point out that New York is the only one in our top to have more 60+ renter households than under 34. However, this might not come as an absolute surprise if we think about the city’s infamously high rents, generally unaffordable to those under 34.

The second highest share of 60+ renter households is claimed by Baltimore, MD – of 25%, followed by Detroit, MI and San Francisco, CA with 24%. All top 11 cities have over 20% shares of older renter households, including Las Vegas, NV, Philadelphia, PA, Boston, MA, Chicago, IL, Los Angeles, CA, Lousiville, KY, and Washington, D.C.

Click here to see the share of 60+ renters in over 300 cities.

By 2035, the 60+ renter share is projected to keep growing while that of all other age groups will decrease

According to our projection based on the trend witnessed between 2007 and 2017, we expect the year 2035 will mark a major demographic shift with the share of 60+ renter households reaching somewhere around 31% and becoming the second highest share among all age groups. Despite being the majority, those aged between 35 and 59 will likely see a decrease in their share of renter households, dropping from 44% in 2017 to an estimated 43% in 2035. However, the most notable decline is projected to take place among those aged 34 and under, with their to decrease from 34% to 27% by 2035.


In terms of net numbers, the 60+ cohort is expected to grow to an estimated 18.6M by 2035 and will become the second largest group of renter households, surpassing those aged 34 and under.

This growing share of older Americans is bound to have an impact on the U.S. real estate market. This is a cohort of people that witnessed firsthand the impact of the 2007 housing crisis and the re-shaping of the economy, forcing most of them to give up their homeowner status and move into rental apartments. It’s important for developers to acknowledge the particular housing needs of older renters and make sure that they are being met.

Use the interactive table below to find out more about renter age groups in your city. Noteworthy of a mention is the fact that of the over 300 cities analyzed, 24 cities have larger numbers of senior renters over 60 years of age than young renters under 35 years of age (highlighted in green).

Data Source: Census Bureau, ACS 2007 to 2017 1-year estimates

 

Methodology

  • This report was compiled by RentCafe.com, a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
  • Tenure of occupied housing units by age was obtained from Census ACS 1-year estimates for 2001-2017 at national and city level.
  • Median age by population at U.S and city level was obtained from the same sources.
  • In order to compare data, we created 3 age groups, aggregated from existing age groups and compared resulting data from 2007 & 2017.
  • For this research, we analyzed more than 300 cities with a population of over 100,000.
  • For the 2035 projection, we used data from Census – American Community Survey 1-year estimates: 2007 to 2017, Households by tenure and Age estimates. We based the projection on historical trends y-o-y from 2007 & 2017 and kept the homeownership rate at 2017 level for each age group. While the future growth in older households is confirmed by other sources, the results should be considered rough estimates and are subjected to change.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RENTCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at media@rentcafe.com.

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Housing Tips

Why You Need Renters Insurance

by Jeff Dailey
written by Jeff Dailey

Why You Need Renters InsuranceMost people think renters insurance is too expensive or unnecessary. However, these myths couldn’t be father from the truth! This is why you need renters insurance: Why You Need Renters Insurance
Not having renters insurance is a pretty big gamble, considering that without it you face the cost of replacing your personal belongings after an event such as fire or theft. What’s more, you could face the prospect of defending yourself in a lawsuit because of some accident for which you might be held legally responsible, whether it happened where you live or elsewhere.
In many cases, for less than a couple hundred dollars a year you can protect your valuables, like your furniture and clothes, from loss by fire, theft, wind and water damage or other covered hazards. But many renters still don’t believe they need such insurance. A survey conducted by Cambridge Reports, Inc. for the Insurance Information Institute found that fewer than three out of every 10 renters purchase renters insurance.
Many renters mistakenly believe their landlord’s insurance will cover their own belongings. In fact, it would be extremely rare for a landlord’s policy to extend to tenants’ property.
To determine how much insurance coverage you’ll need, take a complete inventory of your personal items. An insurance agent can help with this by estimating the total value of your property.
You’ll also need to decide whether to opt for depreciated or limited replacement cost coverage.
Depreciated coverage is the cost to repair or replace your belongings minus depreciation. Let’s say you bought a quality sofa with an expected useful life of 10 years. If it’s now five years old and would cost about $1,000 to replace, you could expect to receive about $500 (less deductible) if your sofa was destroyed by fire. You would pay slightly more for limited replacement cost coverage, but you could expect to receive $1,000 for your sofa minus your deductible.
You should also keep in mind that insurance coverage for some types of personal property is limited in terms of dollars. Renters insurance also gives you personal legal liability coverage and medical payments to others who are accidentally injured while in your home, apartment or elsewhere if the injuries are caused by your actions. And, if you are forced to live elsewhere because of damage to your residence due to a covered loss, renters insurance covers additional living expenses.
Remember, you may not own the building in which you live, but you still need to have insurance to protect your property in the case of fire, theft or other hazards.
Why You Need Renters Insurance
 

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