The rise of remote work has enabled young professionals to relocate to desirable areas such as Florida – and they’re bringing their high incomes with them.
Florida's population grew 1.9% in 2022 – the most of any other state. Consequently, housing prices and overall cost of living have surged, making it increasingly difficult for seniors to stay in a state once considered a retirement haven.
As a result, many retirees are leaving Florida for Alabama, where the weather is just as warm and housing is more affordable.
For example, coastal Baldwin County grew faster than any other county in Alabama between 2010 and 2020, and grew by 3% in the last year alone, according to Census data. Ken H. Johnson, an economist at Florida Atlantic University, attributes most of this growth to Florida’s out-migration.
Given that 20.1% of Florida’s population is aged 65 or older, it’s understandable property managers would be concerned about losing potential tenants to neighboring states.
However, the young professionals who are replacing retirees are often top earners who can more easily afford premium rents, larger rent increases, and pay on time and in full.
Meanwhile, Alabama landlords and property managers can tap into a new income stream if they adapt their properties for senior renters.
More tenant headlines
The rise of the millionaire renter – PayProp
Solo renters are paying a $7,000 ‘singles’ tax this year to live alone – Fortune
Will EV charging become the hot new rental amenity? – Governing
