Solo living is no longer a state imposed on a spouse when the other half dies, but increasingly a lifestyle choice that many Americans prefer or have found themselves in when their families live elsewhere and the idea of living together is not appealing.
For landlords, responding to this growing target group can provide a major boost to operating results. According to KFF Health NewsJust under 30% of Americans aged 65 and older now live alone – a dramatic increase from 10% in 1950. Lower marriage rates, higher divorce rates later in life, the decision not to have children and the post-COVID pandemic desire to live in isolation some of the factors driving the rise in solo living.
According to Yardi’s RentCafe data, summarized by NAI Globalthe number of renters living alone increased by approximately 1 million, or 6.7%, between 2016 and 2021. Solo renters are especially prevalent in fast-growing labor markets such as Salt Lake City and several Texas metro areas, where immigration is strong.
In Salt Lake Citythe population of singles grew by almost 25% – about 50,000 people – accounting for 15% of the city’s renter population. While baby boomers are still the main demographic of solo renters, making up 32.4% of them, 29.5% of millennials fly solo, according to data from RentCafe. Additionally, millennials’ average salary of $55,973 is more than $22,000 more than that the average tenant, meaning This generation has money to spend.
The affordability problem
Affordability issues in the owner-occupied housing market are another reason for the increase in solo renters, such as renting is now cheaper than home ownership for mortgage payments, taxes, insurance and maintenance are taken into account.
However, that doesn’t mean renting is a cakewalk for singles, especially older renters on a fixed income. AInvestA recent analysis shows that the share of solo senior households spending more than 50% of their income on housing was over 16% in 2020.
An opportunity for investors
This year the oldest boomers will turn 80, News about housing for seniors reports. As the boomer population increases, consists of 64 million people, or almost a fifth of the population and rising, the housing sector is not keeping pace. In some markets, the number of senior housing units is even shrinking.
This offers opportunities for landlords if handled correctly. RentCafe data shows that, on average, older tenants are willing to pay a premium for privacy, but generally they face financial burdens because they cannot share costs with roommates or partners.
Realizing the need for companionship and cost savings, some seniors have moved in with roommates. A 2025 senior housing trends report from NIC MAP says the sector will need an additional 560,000 units by 2030 to meet its per capita availability target.
“Many of our communities do not have the housing that many older adults can afford, with services that support them, in locations where they want to live,” said Rodney Harrell, PhD, AARP vice president of family, home and community. “To meet this growing need, we must expand the nation’s housing stock and work to make our communities more livable with an all-ages mindset.”
Of interest to investors, among those interviewed in the AARP survey, 75% of adults age 50 and older said they still wanted to live in a single-family home and were reluctant to live in a senior living community. One in four current homeowners aged 65 and older say they are considering buying or building a home ADU.
Cohousing communities have been a way for seniors to maintain their independence while still feeling connected to a community. In Silicon Valley’s Bay Area, a three-story, 19-unit building opened in 2015, The Wall Street Journal reported, and there is a waiting list of 20 to 30 people to move in.
Make regular rentals senior-compliant
Most aging seniors are not looking for two-story homes, but rather small single-family homes with accessible floor plans, step-free access, grab bars, good lighting and walk-in showers. The National Institute on Aging.
Many of these features can be gradually added to existing small rental properties to make them ADA compliant. However, there are other steps you need to take if you want to take the process to the next level and convert a single-family home into an assisted living facility. as documented on this BiggerPockets Forums threadwhich one can be very profitable but requires obtaining the appropriate permits and licenses. There are companies that can do that assist in the process.
Addressing the needs of single-tenant renters: Midwestern cities where the number of single renters is skyrocketing
The Emerging Trends In Real Estate 2026 report from PwC and the Urban Land Institute shows that senior housing, followed by workforce housing – both sectors with a high need for a single tenant – are two of the most in-demand housing sectors this year. The cities where solo renting is booming have a high percentage of both boomers and millennials looking for tech-based jobs.
The Midwest, especially Akron, Toledo and Dayton, Ohio, has a low cost of living and a higher share of older residents. In the same way, Pittsburgh is generally cheaper to live in and has a mix of older residents and younger tech workers around big tech companies like Google, Microsoft, Alphabet’s Facebook, Nvidia, And others.
Why solo renters are good tenants
Less damage
Fewer tenants in a rental property means less wear and tear.
Big question
As mentioned, the number of renters living alone increased by about 1 million people to 16.7 million between 2016 and 2021, a 6.7% jump that made solo renters the fastest-rising renter group in the country.
Tenants with a higher income pay a ‘solo premium’.
This of course does not apply to all individual tenants, but there are many who have significant savings and assets or are working in higher-paying tech jobs WHO can pay premium rent to live alone.
Easier property management
Fewer tenants means fewer property management headaches.
Longer term rental
This especially applies to older tenants. They don’t want to move. They want to find a place where they can settle for the long term, prioritizing privacy, security, amenities and flexible digital services over sheer size.
How to attract individual tenants
Design smaller, more efficient and cheaper units.
According to RentCafé’s 2024 review“Most cities are still experiencing a decline in square footage. Seattle, for example, ranks first among cities with the smallest new apartments, with units completed between 2015 and 2024 averaging 649 square feet. That’s a decrease of 57 square feet compared to older rental properties.”
With the country embroiled in a housing affordability crisis, savings have consistently outpaced size.
Emphasize safety and a sense of community.
According to RentCafe, safety is one of the top priorities for renters, especially older residents, along with walkability.
Offer strong, photo-rich, easy-to-navigate digital tours.
Nearly 50% of RentCafe’s 5,000 renters surveyed said clear photos and videos of specific units were helpful, while 39% interviewed by iApartments have used self-guided tours, and 26% say they prefer a tour without a representative.
Offer layouts that are suitable for working from home.
Solo renters are often remote workers. Make sure your rental space includes alcoves and areas where a desk can be placed so you can create a home office.
Provide storage, outdoor space and parking.
These factors also rank highly in surveys of individual renters, especially those who stay at home for long periods of time.
Price rental with “solo premium” prices.
RentCafe reports that individual residents will need about $8,600 more per year in terms of income than the average renter. This means that solo residents tend to gravitate toward high-income renters or older renters with savings. Make sure the price of your apartment fits within the budget of one tenant.
Market for a solo renter demographic.
Millennials and baby boomers are your target group. Word your property descriptions accordingly.
Emphasize features that support independence, privacy, and low-stress living.
People often live alone for a reason: they value independence and peace of mind. Emphasize responsive maintenance request protocol and clear communication.
Use surveys and feedback to understand what individual tenants want.
This includes secure package delivery, modern kitchens, in-unit laundry and spacious closets.
Final thoughts
Investors often overlook one- and two-bedroom homes because they think homes with three bedrooms and more will appeal to renters with children who want to live in good school districts. The result is that homes with a low number of bedrooms are often priced too low and can remain on the market for longer.meaning they have the source of great deals and cash flow. Adjust your purchasing criteria accordingly, taking into account neighborhood safety, walkability, and parking, and you may find yourself with little competition when shopping for deals.
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