by Andrea West
Posted on 2016-03-31 10:05:59
We’re not talking about retirement homes or assisted living homes. That’s a different topic for another day. We’re talking about developing a niche in renting to retirees. Since baby-boomers are our up-and-coming retirees, we’re focusing a bit more on them. Quick Stats on Retirees Baby boomers are defined as the generation born between 1946 to 1964. They make up 20% of the US population and by 2030 they will all be over the age of sixty-five. So if you’ve thought about making your rental properties cater more toward a silver-haired population group, you will have a sizable crowd to work with. Currently, those over sixty-five don’t show that they are adverse to renting - 44% of them already do. A lower percentage of baby boomers rent, but this number is likely to grow as they continue to age. The average life expectancy in the United States is seventy-nine. This is fourteen years past the typical retirement age of sixty-five, which means retirees now have a larger chunk of time to enjoy their retirement years than past generations. The Geography of Retiree-Friendly Property This age group wants to remain independent, which is understandable. Yet, with age, it becomes more difficult to keep up with house repairs, maintain a yard, walk up a flight of stairs to a bedroom, or travel twenty minutes to get into town. This is when a rental may seem more desirable. If you want to rent to retirees, be sure to include these features - An open floor plan Lots of natural lighting Open and large bathroom space No stairs And if your property is in close proximity to multiple items on this list, you’ve got it made Grocery Store Library Pharmacy Parks Community Events Restaurants Movie Theatre Bus or Subway System Service Opportunities Hospital Workout Center Physical Therapist Memory Care Facility Home Care Services A friend of mine, when she could no longer keep up with her house, was able to find an apartment with all of the features on the first list and more than half on the second. She LOVED that apartment. This was something she would tell me often, about every other week. Because it was so amenable to someone who was older, she was able to maintain the level of independence she wanted. My friend stayed in this apartment until she was ninety-two and needed to move out for health reasons. Some Positives About Renting to Retirees Won’t have loud parties late at night They’ve already got their income Have a long history that can give you an accurate picture of what type of person you will be renting to
I love working with retirees. If you are tired of working with younger renters who seem to want to move every three months or you are trying to revamp your marketing strategy, you may want to consider renting to retirees.
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