There’s a lot of talk right now regarding the aging of the generation born after World War II. As a group, these “Baby Boomers” represent an influential part of the population which is why they hold immense power in 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 Hampden home market and beyond, they are a powerful group that should not be neglected.
It can be quite a challenge to appeal and retain Baby Boomer renters; it would take a lot of understanding of what their generation needs and what their preferences are and more importantly the traits that embody them. 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 offer a glimpse of the most effective strategies for advertising a property, appealing to retiree renters, and encouraging social activity.
Promoting to the Baby Boomer generation requires a combination approach. Many Baby Boomers make use of online resources to search for rental homes, pay rent, and utilize smart home features. They will likewise use the internet and sites like Zillow to discover 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 has to be done with both online and offline methods.
Baby Boomer renters are growing at a rapid rate partly because, according to industry experts, they neither want to pay mortgage nor do they want to have to worry about maintaining their homes as soon as they retire. For Hampden 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. Baby Boomers are the most significant demographic that can afford a higher rent especially if the rental home does not require extensive home maintenance responsibilities.
When you have an aging demographic, it is crucial to anticipate requests for reasonable modifications. Property owners can stay ahead of renters by creating accessible doorways, ramps and grab bars. Although some adaptations will hinge on what the tenant would need, a lot of aging renters benefit from a higher level of convenience in a rental home and appreciate an owner’s effort to get ahead of their current or future needs.
Another sure way to attract and retain Baby Boomer renters is by having gathering spaces on or near the rental home. Socializing is important to everyone; however, retirees often prefer the opportunity to come 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 usually looking for a place they could see themselves staying in for many years to come. Hampden property owners can enhance their rental homes by providing amenities and services that draw in this demographic and make their continuing satisfaction a priority.
At Real Property Management Acadia, we understand how important 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 pleased 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 207-561-7482 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.