Property Management | Most people think of renters as young professionals, just out of college, starting their adult life or people who cannot afford to own a home. However, this ideology is proving incorrect as older Americans are selling their homes and choosing to rent instead. Rental property management in Charleston, South Carolina can see rental homes occupied quicker than ever if they market to the over 55 demographic.<\/p>\n
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Why Are Older People Renting?<\/strong><\/p>\n \u00a0<\/strong><\/p>\n The Harvard University Joint Center for Housing Studies concluded that the Great Recession has a huge impact on the housing market and rental market for people over 55. The findings of their study showed that home ownership\u00a0from 2005-2015 declined 6% among 46-55 years old and the 56-65-year-old demographics. No longer able to afford their homes or forced into foreclosure, much older American\u2019s were forced to start renting.<\/p>\n <\/p>\n Now that home prices are back on the rise many older Americans are taking the opportunity to sell the homes they have invested in now that they no longer need the space. The extra cash from selling their homes can pay for years of rent on a smaller home and put money into savings for retirement, traveling, fun, or trusts for their next of kin.<\/p>\n <\/p>\n