Home insurers have struggled to develop products and services designed to maximize customer lifetime value for the growing population of baby boomers migrating from home ownership to renting, a new study by J.D. Power, 2021 U.S. Home Insurance, reveals.
About two-thirds of all rental housing growth between 2004 and 2019 was driven by adults age 55 and older, and that group now accounts for approximately 30% of the total rental market, according to a study by the Joint Center for Housing Studies of Harvard University.
