Baby Boomers: Your Next Target Tenant
In the rental community, focus and more focus has been on the huge millennial population that has flooded our country. These transient souls are – for the most part – not wanting to set down roots in a permanent location. However, there is an even bigger group that is going to be seeking rental property in the very near future: The Baby Boomers.
These individuals will be moving into their 60’s by this time, with grown kids and a new sense of freedom. While it was common for their parents to hold on to their properties throughout retirement, that is not necessarily the case in today’s world.
Families spread out far and wide in the country – and the world. If they want to be together, travel is involved. Throw in some grandkids and the Baby Boomers are going to want to spend more time. Or, of course, they may take advantage of retirement and experience life in new places. And some just want to change neighborhoods in the same city.
However you want to look at it, the need to be tied down is gone.
If you want to target a huge population in the rental community, then you are going to want to focus on these Baby Boomers. Forget “active adult communities” or those focused solely on those over the age of 55. These individuals want amenities and want them to be easily accessible. It is as simple as that. Of course, affordability is a key factor, as well.
A few things that may spark their interest in a rental property are:
- Some key attributes that may spark interest in Baby Boomers are:
- No steps (or very minimal steps).
- Small floor plans.
- Close proximity to grocery shopping, hospitals, and medical offices, etc.
- Safe neighborhoods with easy parking.
Don’t get lost in the mix of all the renting millennials. If you want to be a successful property investor, you need to consider all of your options. And, right now is prime time for Baby Boomers. As they reach retirement, they may just be signing your lease.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,Bigger Pockets and REI CLub and LinkedIn.