Few discussions have captivated an audience more in recent years than the aging of the generation born immediately after World War II. Together, these “Baby Boomers” comprise a vast number of the citizens, bearing a remarkable level of influence on American culture. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Radford home market and beyond, they are a force to be reckoned with.
Captivating and retaining Baby Boomer renters calls for a good understanding of their needs and desires, and also the qualities that identify this group. 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, this trait proposes a look at some of the most beneficial means for publicizing a property, attracting retiree renters, and encouraging community activity.
Advertising to the Baby Boomer generation involves a combination of tactics. Several Baby Boomers enjoy availing the use of online resources to seek for rental homes, pay rent, and utilize smart home capabilities. They will also use the internet and sites like Zillow to obtain 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. For that reason, fascinating Baby Boomer renters must be advertised with both online and offline ways.
One of the reasons industry professionals think Baby Boomers are renting at escalating rates is because they don’t want a mortgage payment or the difficulty of home upkeep once they stop working. For Radford 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. Plenty of renters in this demographic are eager to pay a higher rent if it means they don’t need to do of some of the more painstaking household maintenance chores.
When renting homes in the long run to an aging demographic, it is to be expected to receive on requests for reasonable renovations. Property owners can be proactive in some ways by building accessible doorways, ramps, and grab bars. While some renovations will be tenant-specific, many aging renters will appreciate a higher level of accessibility in a rental home and will value an owner’s attempt to anticipate their current or future wishes.
Property landlords can also draw and keep Baby Boomer renters by erecting meeting areas on or close to their rental home. Social gatherings are important to renters of any age, but retirees often pick the option to get together 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 often considering a place where they could see themselves residing in for many years to come. Radford property owners can improve their rental homes by proposing services and facilities that can attract this demographic and make their continual satisfaction a priority. At Real Property Management Insight we understand how important tenant retention is, and how to effectively appeal to the owner’s desired demographic. We can help property owners keep their vacancies low and their tenants pleased with the type of amenity and care they receive. To know how we can help, or if you have additional questions, contact us online or by phone at 540-998-6917 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
