There aren’t too many stories that can generate as much chatter than the aging of the generation born after World War II or most popularly known as the “Baby Boomers.” These individuals comprise a considerable part of the population which has resulted in an unexplainable level of influence on American society. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Elkhorn home market and beyond, they are a force to be reckoned with.
Drawing in and keeping Baby Boomer renters requires being able to understand their necessities and inclinations, as well as getting to know the characteristics that make up this generation. For example, Baby Boomers are one of the most affluent generations to date, indulging in post-war abundance and an affinity for leisure activities. For property owners, these attributes offer a glimpse of some of the most productive approaches for promoting a property, pleasing retiree renters, and encouraging social activity.
Marketing to the Baby Boomer generation requires a combination of tactics. A lot of these Baby Boomers utilize online resources to look for rental homes, make rent, and take advantage of smart home features. They also make use of the internet and sites like Zillow to search for rental properties. At the same time, however, Baby Boomers are more likely than other generational groups to use offline methods for finding a rental home. “For Rent” signs, local bulletin boards, and recommendations from friends are all a common means of gathering information for this demographic. Because of these facts, attracting Baby Boomer renters must be accomplished with not only online but also offline methods.
One of the explanations industry experts suggest Baby Boomers are renting at growing rates is because they don’t want a mortgage payment or to face home maintenance problems as soon as they retire. For Elkhorn property owners, this means that a good strategy to attract and retain Baby Boomer renters is to offer more services, such as yard maintenance or house cleaning. Many renters in this demographic are prepared to pay a higher rent if it includes some of the more labor-intensive home maintenance tasks.
When renting homes long-term to an aging demographic, it is also important to expect requests for reasonable accommodations. Property owners can be proactive in different ways by creating accessible doorways, ramps, and grab bars. While some adjustments will be tenant-specific, many aging renters will benefit from a higher degree of convenience in a rental home and appreciate an owner’s attempt to anticipate their current or future needs.
Property owners can also attract and retain Baby Boomer renters by creating gathering spaces on or near their rental home. Social activity is important to renters of any age, but retirees often prioritize the ability to gather with family and friends. A beautiful kitchen, updated patio, or other gathering space can go a long way toward keeping a long-term tenant satisfied.
When Baby Boomers wish to rent a home, they are often looking for a place where they could envision themselves staying in for many years to come. Elkhorn property owners can optimize their rental homes by extending amenities and services that attract this demographic and making their lasting satisfaction a priority. At Real Property Management Legacy, we understand how crucial tenant retention is, and how to appeal to the owner’s desired demographic effectively. We can help property owners keep their vacancies low and their tenants pleased with the level of service and care they receive. To learn how we can help, or if you have additional questions, contact us online or by phone at 402-905-0459 today.
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