Boomers have been changing the face of the rental market with no end in sight for the foreseeable future. Many are already retired, but even more are nearing retirement age. They have become the largest segment of renters in the country. Ignoring or not correctly marketing your properties to this demographic can be a huge opportunity lost. Here’s why
Financial Stability
Retirees generally have a higher net worth which affords them a disposable income for which to travel or to indulge in their favorite hobbies. At this point in their lives, they want to be more concerned with the dogleg on the 5th hole and how long until the grandkids visit, instead of cleaning the gutters. These mature folks have gotten the “crazy” out of their systems, a property owner’s dream. They are looking for peace and quiet and are traditionally less problematic tenants. As a landlord, this means fewer headaches and higher likelihood rent will get paid on time every month.
Low Turnover
Retirees are ready to enjoy life without the hassle of worrying about when the grass is getting cut, trimming the bushes or packing up at the end of their lease. Once they find a place they like, they are less likely to move. Like millennials, they prefer convenience and simplicity in their lives. By focusing on what retirees are most interested in, like accessibility to local restaurants, shopping centers, and a sense of community, you may find an ideal long-term tenant.
The Easy Life
Developers in areas like Florida, Arizona, and New Mexico have been catering to the influx of boomers for the last few decades. Whole communities have been designed and constructed with retired tenants in mind. The age-restricted “city” of central Florida’s The Villages is a quintessential example of just how enticing and profitable these communities are. Now you don’t have to go to such great lengths, but it would wise to consider some of the elements and amenities retirees’ factor into their decision. Most retirees are merely looking to downsize from their McMansions and all the responsibilities that come with it. This makes renting a viable option.
Marketing To Seniors
It’s best to combine your online presence with a “back to basics” strategy when marketing to baby boomers. Many older parents and grandparents still keep a landline, some out of habit, others just don’t see the convenience of a smartphone. And if they do own a cell, they have limited knowledge of its power besides making phone calls. They’ve most certainly have caught on to the fact that the “interweb” is not a passing fad, but it’s unlikely that they will be expecting a message from you on Facebook or WhatsApp. Make sure you have some written materials to hand them, it will be comforting and set them at ease.
What this age group is truly looking for is maintenance-free living. They want to relax and enjoy life and their new home without the inconvenience of upkeep. Renting gives them the flexibility to travel without worrying if the water heater will flood their basement while they’re gone. Most boomers looking to rent are looking for a place they can settle into for years. Catering some or all of your amenities to this demographic will pay-off in the end.