Would you believe that baby boomers are an active part of the renting population? It's true: many baby boomers prefer to rent a home instead of buying a retirement home. They're also selling their larger homes after the kids have gone and left them with an empty nest.
So, where do they go? Baby boomers prefer a rental property for a variety of reasons. Is your investment portfolio baby boomer friendly? As an expert property management company, we have plenty of insight into why baby boomers prefer renting and how to make sure your properties attract these excellent tenants.
Why This Generation Prefers Rentals
Much of the baby boomer population are nearing (or at) retirement—but they're still very active! Living in a rental home allows baby boomers to live the luxurious, fun life they've worked hard to achieve.
- They cherish convenience: Many baby boomers owned a home for their families for many years. They've taken care of repairs and updates to the house throughout those years. Now that the kids are gone and baby boomers have more time for themselves, they don't want to spend it working on an aging home. Renting provides a safe, well-maintained place to live without having to do the work themselves.
- They want to downsize:That family home they've kept up while the kids were home is now too big. Baby boomers don't want the upkeep of a large house with so much empty space. Plus, a smaller home reduces the time baby boomers have to spend cleaning and maintaining it. They'd rather enjoy retirement with time for leisure and activities rather than keeping a house clean.
- They want to save money: Owning a large home can be expensive on a retirement income. Downsizing to a smaller rental property like a duplex can save money. The rental price for your investment property is appropriate for the size and location of the home. The monthly rent you charge could be lower than mortgage payments on a large house. With less space, baby boomers can save money on utilities year-round.
Baby boomers are ready to simplify. They look forward to leaving the responsibility of owning a home behind and transitioning to a rental property that serves them well.
Make Your Investment Properties Attractive
Is your portfolio of properties inviting to baby boomers? They're an excellent population of tenants. Landlords appreciate baby boomers because they're responsible and they understand how to take care of a property. Many baby boomers have paid a mortgage every month for many years, so they are dependable and pay the rent on time.
What Do They Look for in a Rental?
If you've purchased a turnkey rental property, your investment is ready for baby boomers—right now! An expert property management company that offers turnkey property solution knows how to get a rental prepared for ideal tenants—including baby boomers. Here are a few things your typical baby boomers want in an excellent rental home.
They love technology: You might not think of baby boomers when you think of prepping your investment property with smart home features, but this generation appreciates the convenience of technology in a home. The baby boomer generation is responsible for spearheading much of the technology we have today. From an electronic security system to wifi and a learning thermostat, you'll attract baby boomers to your home with these kinds of features.
Like you, they appreciate convenient communication and payment processing: Baby boomers pay their bills online. They love email and digital communication. Make sure your baby boomer tenants can pay the rent online. They also appreciate making maintenance requests online without having to call a number and leave a message.
They don't stay at home: Baby boomers love to be out and about. They want a home with convenient access to restaurants, parks, golf courses, and other activities. The youngest baby boomers are in their 50s! With an empty nest and looking toward retirement, this generation appreciates a balance between work, play, and leisure.
A home with these features is a great place to live—for baby boomers and other potential tenants. If your investment properties cater to baby boomer needs, your property is ideal not only for this generation but for other generations, too. Millennials and Generation Z appreciate technology and convenience as much as their parents (and grandparents) do!
Don't Miss the Next Housing "Boom"
You don't want to miss out on having such excellent tenants. Peak Property Management is an expert property management company that knows what an investment property needs to appeal to baby boomers. Our turnkey properties are baby-boomer-friendly—and ready.
Plus, with our property management services, your tenants get to pay the rent and make maintenance requests online. Whether your tenant is a baby boomer or a millennial, our turnkey property solutions are ready-to-rent to the perfect tenant. Get in touch with The Peak Group today to see how easy it can be to grow your investment portfolio with turnkey properties!
Posted by The Peak Group on October 3, 2019