Certain subjects have captivated an audience in recent years but no more than the aging of the generation born after World War II. Contemporaneously, these “Baby Boomers” describe a large fragment of the population, exerting an unexpected level of influence on American citizens. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Tempe home market and beyond, they are the power to be reckoned with.
Engaging and retaining Baby Boomer renters require a good understanding of their needs and wants, accompanied by the qualities 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 qualities offer a look at the most helpful policies for advertising a property, enchanting retiree renters, and promising social activities.
Publicizing to the Baby Boomer generation takes a strategy of combinations. A good deal of Baby Boomers enjoy engaging online resources to look for rental homes, pay rental fees, and make use of smart home features. They will also repeatedly use the internet and web pages such as Zillow to look 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 this, attracting Baby Boomer renters must be done with both online and offline methods.
One of the possibilities industry experts presume Baby Boomers are renting at increasing rates is because they don’t want a mortgage payment or the trouble of home upkeep once they retire. For Tempe 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 willing to pay more rent if it comes with the ease of not having to deal with some of the more laborious home repair jobs.
When renting homes for good to an aging demographic, it is also paramount to pre-empt requisitions for practical remodeling. Property owners can be proactive in some procedures by building accessible doorways, ramps, and grab bars. While some changes will be tenant-specific, a myriad of aging renters will benefit from a higher level of accessibility in a rental home and will appreciate an owner’s attempt to predict their ongoing or future wants.
Property owners can also fascinate and retain Baby Boomer renters by producing get-together areas on or near their rental home. Communal enjoyment is fundamental to renters of any age, but retirees enjoy being able to meet 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 routinely exploring for a location they could see themselves dwelling in for many years to occur. Tempe property owners can optimize their rental homes by providing conveniences and services that attract this demographic and making their happiness a priority. At Real Property Management East Valley we understand how important tenant retention is, and how to effectively appeal to the owner’s desired demographic. We can make property owners keep their vacancies low and their tenants elated with the kind of amenity and care they attain. To know how we can help, or if you have additional questions, contact us online or by phone at 480-981-7000 today.
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