Solo residing is not a state enforced on a partner when their different half passes away, however more and more a way of life alternative many Individuals choose or have discovered themselves in when their household lives elsewhere, and the concept of cohabitation doesn’t enchantment.
For landlords, catering to this rising demographic is usually a huge enhance to the underside line. Based on KFF Well being Information, slightly below 30% of Individuals aged 65 and older now dwell alone—a dramatic enhance from 10% in 1950. Decrease marriage charges, greater divorce charges later in life, the choice to not have youngsters, and the post-COVID pandemic want to dwell in isolation are a few of the elements driving the rise in solo residing.
Based on Yardi’s RentCafe information, summarized by NAI World, the variety of renters residing solo elevated by about 1 million, or 6.7%, from 2016-2021. Solo renters are particularly prevalent in high-growth job markets akin to Salt Lake Metropolis and several other Texas metros, the place in-migration is robust.
In Salt Lake Metropolis, the solo-occupant inhabitants elevated by almost 25%—about 50,000 folks—accounting for 15% of town’s renter inhabitants. Though child boomers are nonetheless the principle demographic of solo renters, making up 32.4% of them, per RentCafe information, 29.5% of millennials are flying solo. As well as, millennials’ common wage of $55,973 is greater than $22,000 greater than that of the common renter, which means this era has cash to spend.
The Affordability Challenge
Affordability challenges within the for-sale housing market are one more reason for the rise in solo renters, as renting is now inexpensive than homeownership when mortgage funds, taxes, insurance coverage, and upkeep are factored in.
Nevertheless, that doesn’t imply renting is a breeze for solo dwellers, particularly for older renters on fastened incomes. AInvest’s latest evaluation reveals that the share of solo senior households spending over 50% of their revenue on housing was over 16% in 2020.
An Alternative for Traders
This 12 months, the oldest boomers will flip 80, Senior Housing Information studies. With the boomer inhabitants growing, comprising 64 million folks, or almost one-fifth of the inhabitants and rising, the housing business isn’t maintaining. In reality, the variety of senior housing amenities in some markets is shrinking.
This presents a possibility for landlords if dealt with accurately. RentCafe’s information reveals that, on common, older tenants are prepared to pay a premium for privateness, however total face monetary burdens as a result of they can not break up prices with roommates or companions.
Some seniors notice the necessity for companionship and cost-cutting and have moved in with roommates. A 2025 senior housing developments report from NIC MAP says the sector will want 560,000 further items by 2030 to satisfy the per-capita availability goal.
“Lots of our communities don’t have the housing that many getting old adults can afford, with options that assist them, in places the place they need to dwell,” stated Rodney Harrell, PhD, AARP vp of household, residence, and group. “To satisfy this rising want, we should broaden the nation’s housing inventory and work to make our communities extra livable with an all-ages mindset.”
Curiously for buyers, amongst these interviewed within the AARP survey, 75% of adults aged 50-plus stated they nonetheless wished to dwell in a single-family residence and weren’t eager on residing in a group for older folks. One in 4 present householders aged 65+ has stated they’d take into account shopping for or constructing an ADU.
Cohousing communities have been a method for seniors to take care of independence whereas nonetheless feeling linked to a group. In Silicon Valley’s Bay Space, a three-story constructing comprising 19 items opened in 2015, The Wall Road Journal reported, and there’s a 20-to 30-person ready checklist to maneuver in.
Making Common Leases Senior Compliant
Most seniors getting old in place should not trying to lease two-story homes, however slightly small, single-family items with accessible flooring plans, step-free entries, seize bars, good lighting, and walk-in showers, in keeping with The Nationwide Institute on Growing older.
Lots of these options might be added regularly to present small leases to make them ADA-compliant. Nevertheless, there are different steps to take if you wish to take the method to the following degree and convert a single-family residence right into a residential assisted residing residence, as documented on this BiggerPockets Boards thread, which might be extremely worthwhile however requires acquiring the suitable permits and licenses. There are firms that may help within the course of.
Serving the Wants of Single-Tenant Renters: Midwest Cities The place Numbers of Solo Renters Are Hovering
PwC’s and the City Land Institute’s 2026 Rising Tendencies In Actual Property report reveals that senior housing, adopted by workforce housing—each heavy single-tenant-based sectors—are two of essentially the most in-demand housing sectors this 12 months. The cities the place solo renting is hovering have each a excessive share of boomers and millennials looking for tech-based jobs.
The Midwest, particularly Akron, Toledo, and Dayton, Ohio, has a low value of residing and the next proportion of older residents. Equally, Pittsburgh is usually cheaper to dwell in and has a mixture of older residents and youthful tech staff centered round huge tech firms akin to Alphabet’s Google, Microsoft, Fb, Nvidia, and others.
Why Solo Renters Make Good Tenants
Much less harm
Fewer tenants in a rental means much less put on and tear.
Excessive demand
As talked about, between 2016 and 2021, the variety of renters residing alone elevated by about 1 million folks to 16.7 million, a 6.7% leap that made solo renters the fastest-rising renter group within the nation.
Greater-income tenants pays a “solo premium.”
This doesn’t apply to all solo renters, after all, however there are many who’ve vital financial savings and belongings or are employed in higher-paying tech jobs who can pay premium rents to dwell alone.
Easier property administration
Fewer tenants equals fewer property administration complications.
Longer-term rentership
This is especially true of older tenants. They’re not trying to transfer. They need to discover a place they’ll settle into for the lengthy haul, prioritizing privateness, security, facilities, and versatile digital providers over sheer measurement.
Entice Solo Renters
Design smaller, environment friendly, and extra inexpensive items.
Based on RentCafé’s 2024 assessment, “most cities are nonetheless experiencing a decline in sq. footage. As an illustration, Seattle ranks first amongst cities with the smallest new residences, with items accomplished between 2015 and 2024 averaging 649 sq. toes. That’s a 57-square-foot lower in comparison with older leases.”
With the nation mired in a housing affordability disaster, financial savings beat measurement each time.
Emphasize security and neighborhood really feel.
Security is without doubt one of the prime priorities for tenants, particularly older residents, together with walkability, in keeping with RentCafe.
Provide sturdy, photo-rich, easy-to-navigate digital walkthrough excursions.
Nearly 50% of 5,000 surveyed tenants from RentCafe stated that clear pictures and movies of particular items had been useful, whereas 39% interviewed by iApartments have used self-guided excursions, and 26% have stated they like a tour with no consultant round.
Provide layouts that accommodate work-from-home jobs.
Solo renters are sometimes distant staff. Guarantee your rental contains alcoves and areas that may accommodate a desk, making a work-from-home workplace.
Present storage, outside area, and parking.
These elements have additionally ranked extremely in surveys for solo renters, particularly those that spend lengthy durations at residence.
Value leases with “solo premium” pricing.
RentCafe studies that solo residents want about $8,600 extra per 12 months in revenue than the common renter. This means solo residents are likely to skew towards high-income or older tenants with financial savings. Guarantee your house pricing suits inside a single renter’s price range.
Market to a solo renter demographic.
Millennials and child boomers are your audience. Phrase your property descriptions accordingly.
Spotlight options that assist independence, privateness, and low-stress residing.
Individuals usually dwell alone for a cause: They worth independence and peace of thoughts. Stress a responsive upkeep request protocol and clear communication.
Use surveys and suggestions to know what solo renters need.
These can embrace safe bundle supply, trendy kitchens, in-unit laundry, and spacious closets.
Last Ideas
Traders usually overlook one or two-bedroom homes, considering that three-bedroom houses and above will enchantment to tenants with children trying to dwell in good college districts. Consequently, low-bedroom-count houses are sometimes underpriced and might sit in the marketplace longer—which means they may very well be the supply of nice offers and money circulation. Modify your shopping for standards accordingly, factoring in neighborhood security, walkability, and parking, and you would discover you’ve little competitors when looking for offers.
