There have been quite a lot of topics recently about the aging of the generation after World War II. Nothing is more controversial than the “Baby Boomers”—they represent a considerable chunk of the population, resulting in an unprecedented measure of impact 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 Highland Park home market and beyond, they are quite a handful to handle.
Enticing and keeping Baby Boomer renters necessitates a good grasp of their desires and penchants, as well as the traits that define 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 traits show a hint of the most effective strategies for advertising a property, appealing to retiree renters, and promoting social activity.
Marketing to the Baby Boomer generation requires a combination approach. Many Baby Boomers love utilizing online resources to search for rental homes, pay rent, and use smart home features. They will often use the internet and sites like Zillow to find rental properties. At the same time, however, Baby Boomers are more likely than any other generational group 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. That’s why drawing in Baby Boomer renters must be done with both online and offline methods.
Industry experts suggest that Baby Boomers are renting at increasing rates because they neither like the fact that they need to pay mortgage payments, nor do they want the burden of maintaining a home as soon as they retire. For Highland Park 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 keen on paying a higher rent if it consists of some of the more labor-intensive home maintenance responsibilities.
When renting homes long-term to an aging demographic, it is also necessary to predict requests for needed modifications. Property owners can be proactive in some 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 accessibility in a rental home and recognize 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 significant to renters of any age, but retirees often prioritize the capability 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 rent a home, they are habitually searching for a place they could envision themselves remaining in for many years to come. Highland Park property owners can enhance their rental homes by offering amenities and services that appeal to this demographic and making their enduring gratification a priority. At Real Property Management Legend, we understand how vital 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 satisfied 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 214-235-2427 today.
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