Some matters have charmed the general awareness more in modern years but none more so than the aging of the generation born following World War II. These “Baby Boomers” depict a colossal portion of the community, leading to an astonishing level of influence on the American community. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Manhattan home market and further, they are an impact to be reckoned with.
Pleasing and retaining Baby Boomer renters requires a certain degree of discernment in order to understand their needs and wants, accompanied by the characteristics that define this group of people. 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 behaviors tender show some of the most helpful policies for advertising a property, attracting retiree renters, and encouraging friendly activities.
Advertising to the Baby Boomer generation often involves a combination of tactics. Several Baby Boomers enjoy using online resources to search for rental homes, pay rent, and utilize smart home capabilities. They will also consistently 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, drawing in Baby Boomer renters must be accomplished with both online and offline tactics.
One of the reasons industry professionals think Baby Boomers are renting at increasing rates is because they don’t want a mortgage payment or the liability of home maintenance once they stop working. For Manhattan 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. A myriad of renters in this demographic are happy to pay a bigger rent if it includes some of the more labor-exhausting home upkeep obligations.
When leasing homes long-term to a maturing demographic, it is also imperative to predict the demands for adequate renovations. Property owners can be intuitive in some ways by providing accessible doorways, ramps, and grab bars. While some renovations will be tenant-specific, many aging renters will thrive from a higher standard of accessibility in a rental home and value an owner’s endeavor to anticipate their current or future needs.
Property owners can moreover entice and retain Baby Boomer renters by designing gathering spaces on or around their rental home. Civic amusement is critical to tenants of any age, but retirees commonly opt for the opportunity to assemble 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 frequently searching for a site they could picture themselves living in for many years to happen. Manhattan property landlords can optimize their rental homes by giving accommodations and services that are alluring to this demographic and by ensuring that their enduring contentment a prime concern. At Real Property Management Bozeman we understand how important tenant retention is, and how to effectively appeal to the owner’s desired demographic. We can help property owners keep the vacancies on their rental homes low and their tenants satisfied with the amount of support and protection they need. To learn how we can help, or if you have additional questions, contact us online or by phone at 406-586-2226 today.
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