Baby boomers, that influential group of people born between 1946 and 1964, never fail to surprise, as evidenced by their propensity to rent their homes versus owning them as they age. Past generations held onto their homes as long as possible, but the boomers are cashing out and opting to rent for lifestyle reasons–especially as they start to become retirees.
As a property investor, making your property attractive to this demographic is a smart move. This group is largely financially and personally stable. The oldest among them is 70 and the youngest 52. They may have owned a home or two, which makes them a bit choosier than younger, less experienced millennials.
What Retirees are Looking For in a Rental
- Quality. Retirees in the baby boomer generation like well-appointed kitchens and bathrooms. Entertaining plays a large role in their lives and a sociable kitchen will attract them. They also like every aspect of their home to be fully functional. When showing a unit to a baby boomer, make sure it’s impeccably clean and all repairs have been made to the unit.
- Low maintenance. You may run across one or two prospective tenants who love to putz in the yard, but overall, they’d prefer to have all the yard maintenance taken care of by someone else. Because they’re in the peak earning years or retirement, they don’t have a financial incentive to undertake chores they don’t like. Many baby boomers are financially secure enough to pay someone else to do things they themselves don’t want to.
- Convenience. They may have commuted for miles daily and as they scale their lives back, don’t want to live far from what interests them. As a case study, developers of an upscale project in Scottsdale, AZ, did not anticipate the number of baby boomers who came to the project for their high-end luxury rentals. Scottsdale is a highly urban core in the Phoenix metro area within walking distance of dining, retail, entertainment, cultural amenities and an employment center.
- Areas for socializing in town home or condo buildings. Open spaces and clubhouses are popular with baby boomers because they give them places to meet others and entertain their own friends and family.
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How to Attract Retirees to Your Rental Property
Regardless of the property type, baby boomers want to be close to golf courses, community and fitness centers, walking paths, and swimming pools. If your rental doesn’t have access to them, keep baby boomer prospects interested by giving them a printed map of where they can find these amenities in relation to the property.
Everyday Electronics Usage
- Charging. The wired world is part of life and this generation relies on the internet as much as those that follow. Change out a few electrical outlets to USB receptacles to make charging their phones and cameras easier. These outlets eliminate a lot of electronic clutter and speed up recharging.
- Wiring upgrades. Odds are they’ll have expensive electronics, like over sized TVs and smartphones that they want to protect. Consider adding a whole house surge protector that will not only protect their electronics, but also keep the appliances in the home safe from power surges. These surges accompany power outages, and also occur many times throughout the year when the power company switches the grid or maintains the lines.
A property that puts baby boomers in front of an active life with the ability to socialize appeals to them. They’re looking for a home where they can enjoy their lives in a neighborhood that brings them even more satisfaction.
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.