Retirees have come to value the flexibility, relative affordability and maintenance-free lifestyle offered by today's fully amenitized rental communities.

While renting is most commonly associated with millennials, it's also becoming the housing option of choice for empty nesters looking to downsize. Over the past decade, the number of rental households in their 50s and 60s increased by 4.3 million, the largest of any age group. And though households in their 20s continue to make up the single largest share of renters, households over 40 now account for the majority. Philip Martin, vice president of market research at Taylor Johnson client Waterton, discussed the trend in a recent interview with TheStreet.com, explaining why more retirees are viewing renting as a long-term housing option in their golden years.