There are a handful of issues that gathered widespread concern in the latest years but none more so than the aging of the generation born following World War II. As a group, these “Baby Boomers” portray an enormous section of the populous, possessing a surprising level of influence on American civilization. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Boston home market and beyond, they are a force to be reckoned with.
Enticing and keeping Baby Boomer renters requires a decent amount of understanding their needs and choices, along with the characteristics that depict 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 holders, these characteristics extend a peek at the best schemes for publicizing a property, engaging retiree renters, and encouraging friendly activities with each other.
Publicizing to the Baby Boomer generation generally requires a combination method. A great number of Baby Boomers love utilizing online resources to look for rental homes, paying the rental fee, and adopt smart home capabilities. They will also constantly utilize the internet and sites like Zillow to locate 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 this reason, attracting Baby Boomer renters must be done with both online and offline methods.
As a consequence, industry experts anticipate that Baby Boomers are renting at an increasing rate because they refuse to go through the hassle of a mortgage payment or the trouble of home maintenance once they retire. For Boston 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. Lots of renters in this demographic are eager to pay a higher rent if it includes some of the more labor-exhaustive household upkeep duties.
When renting homes long-term to an aging demographic, it is also essential to anticipate the demands for reasonable modifications. Property holders can be proactive in some ways by constructing accessible doorways, ramps, and grab bars. While some modifications will be tenant-specific, a lot of aging renters will profit from an advanced level of accessibility in a rental home and cherish a landlord’s attempt to anticipate their present or future desires.
Property landlords can similarly charm and keep Baby Boomer renters by making meeting areas on or alongside their rental home. Social interest is essential to renters of every age, but retirees frequently focus on the capacity to congregate with family and friends. A beautiful kitchen, updated patio, or some other gathering space can go a long way towards keeping a long-term tenant satisfied.
When Baby Boomers rent a home, they are frequently searching for a place where they could picture themselves remaining for many years. Boston property landlords can optimize their rental homes by giving accommodations and services that are alluring to this demographic and making their continuing contentment a prime concern. At Real Property Management Boston we understand how important tenant retention is, and how to effectively appeal to the owner’s desired demographic. We can help property landlords keep their vacancies low and their tenants delighted with the kind of amenity and concern they receive. To learn how we can help, or if you have additional questions, contact us online or by phone at 617-996-0708 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.
