The Growing Trend of Senior Rentership in San Diego

San Diego’s year-round sunshine, vibrant neighborhoods, and coastal charm make it one of the most attractive retirement destinations in the U.S. But while the city’s lifestyle remains a draw, the way seniors approach housing is changing. Increasingly, older adults are choosing to rent rather than own their homes.

At Lending Bee, we’ve seen this shift firsthand. Seniors are finding that renting often offers more flexibility, financial freedom, and convenience than owning—especially in San Diego’s competitive housing market.

National and Local Numbers Show a Clear Shift

Over the past decade, the number of senior renters has surged. Nationally, renters aged 65 and older grew from around 10% in 2013 to 13.4% in 2023. San Diego mirrors this trend, with seniors making up about 11% of the city’s renters—up from roughly 8% a decade earlier.

This change is not simply a reaction to high housing costs; it reflects a lifestyle preference. Many seniors are embracing the advantages of renting, from reduced maintenance responsibilities to the ability to relocate with ease.

Why This Matters for San Diego Seniors

San Diego’s housing market is unique. Home prices consistently rank among the highest in the nation, while rental options—though not cheap—are still more accessible. For seniors living on fixed incomes, this difference can significantly impact quality of life.

Why Renting Appeals to Seniors

Greater Lifestyle Flexibility

Retirement often brings a desire for freedom—freedom from daily home maintenance, and freedom to move if life circumstances change. Renting makes relocation easier, whether that’s moving closer to family, downsizing, or exploring a new neighborhood.

Lending Bee helps clients understand how renting can align with long-term plans. For example, a couple might rent in San Diego during the winter and spend summers in another state, avoiding the burden of managing a property from afar.

Lower Financial Commitment

Owning a home involves more than just the mortgage payment. Property taxes, homeowners insurance, HOA fees, and unpredictable repair costs all add up. In San Diego, where the median home price is around $1,020,000, these expenses can be substantial.

By contrast, renting typically requires only a security deposit and a set monthly payment. This predictability helps seniors manage budgets more effectively, leaving more funds for travel, hobbies, or medical needs.

The Hidden Financial Advantages of Renting

Preserving Liquidity

Many seniors have most of their wealth tied up in home equity. Selling a property and renting can free that equity, turning it into cash or investments that generate income. This liquidity offers peace of mind, especially in the face of rising healthcare costs.

Lending Bee works with seniors to analyze how unlocking home equity can improve financial flexibility without sacrificing housing security.

Avoiding Large, Unexpected Costs

A leaky roof, broken plumbing, or major appliance failure can cost thousands of dollars. As a renter, these costs are typically the landlord’s responsibility. For seniors on fixed incomes, avoiding surprise expenses is a major advantage.

Convenience and Accessibility

Reduced Maintenance Responsibilities

Aging can make home maintenance more difficult. Tasks like landscaping, gutter cleaning, and repairs require physical effort and can pose safety risks. Renting transfers these responsibilities to property managers, letting seniors focus on enjoying retirement.

Access to Senior-Friendly Features

Many modern rental communities in San Diego offer features designed with older adults in mind: single-level floor plans, elevators, grab bars in bathrooms, and wider doorways for mobility aids. In addition, many include social spaces, fitness centers, and group activities that promote community engagement.

San Diego’s Housing Market and Affordability Challenges

Comparing Renting and Owning Costs

With a median home sale price above $1 million and average rents around $2,730 per month, buying is often financially out of reach for many seniors. While rent can increase over time, it still avoids the large upfront costs of a down payment, closing fees, and ongoing home maintenance.

A Market That Favors Flexibility

Housing prices in San Diego have shown steady appreciation, but that also means entering the market requires significant capital. For seniors who value liquidity and flexibility, renting is a practical choice.

The Emotional Side of Renting

Freedom from “House Lock”

Some homeowners feel tied down by their properties, either because of the work involved or the emotional pressure to “stay put.” Renting allows for a change of scenery without the stress of selling a home.

Community Opportunities

Rental communities, especially those geared toward seniors, often foster social interaction. Shared amenities and organized activities help combat isolation, which can be a concern for retirees.

Potential Drawbacks of Renting

While renting offers clear benefits, it’s important to consider potential downsides. Rents can increase, and landlords may choose not to renew leases. Renters also do not build equity or have the same control over property modifications as homeowners.

At Lending Bee, we help clients weigh these trade-offs, ensuring their choice supports both current needs and future plans.

Why Lending Bee Supports Seniors in Housing Decisions

Expertise in Financial Planning for Seniors

We don’t just arrange mortgages—we help seniors think strategically about housing. Whether you’re considering selling your home and renting, downsizing, or exploring reverse mortgage options, we guide you through the pros and cons.

Personalized Guidance for Every Client

Every senior’s situation is different. We tailor recommendations to your income, savings, lifestyle goals, and health needs, ensuring your housing decision is sustainable and comfortable.

Connection to the Right Resources

Lending Bee can connect you to senior-friendly rental communities, real estate professionals, and financial advisors who understand the unique needs of older adults.

Key Takeaways for San Diego Seniors

Renting can be the right choice if:

  • You want freedom from home maintenance.
  • You prefer a predictable monthly housing cost.
  • You’d like to access your home equity for other uses.
  • You value the option to relocate without hassle.

Whether renting or owning makes more sense for you depends on your financial goals, health, and lifestyle preferences. Our role is to help you make that decision with confidence.

Lending Bee ensures you have the information, resources, and support to make the housing decision that’s right for you. Whether you want to downsize, free up capital, or simply enjoy a low-maintenance lifestyle, we’re here to help you every step of the way.