The 55+ population is ever-increasing and are filtrating at high rates into rental homes. And, believe it or not, they make great tenants. Think about it: they are responsible adults (rather than questionable youth), they have reliable income (social security and pensions), and they are more likely to stay put rather than move often. While this population makes good tenants, there a few things that you should keep in mind as a landlord.
It is very common for older adults to have a pet. This is especially true for those who are alone. Pets provide comfort and companionship, making life more bearable and less lonely. Choosing to make exceptions or allow certain pets could open your property up to a larger chunk of older people.
The elderly population often find themselves as victims of crime, likely due to them appearing as an easy target. Therefore, it is important to take extra steps regarding safety in and around your rental property. For instance, providing enough outdoor lighting, as well as secure window and door locks.
This population does not communicate in ways that the younger generations do. Some may text and use online platforms, but many may not. Expect phone calls, rather than texts or emails. And, expect checks for rent payments, rather than an online payment.
Be accommodating to your elderly renters. Accept the fact that they are more into old school communication and meet them there.
Make the property accessible
Do your best to make the property accessible to these tenants. While many may not be handicapped, they may very well have difficulty getting around as easily as younger tenants. For instance, putting a handrail within the bathroom – by the toilet and/or the bathtub – can make keeping up with personal hygiene a bit easier. Providing ramps for ease of access will be much appreciated.
In other words, any steps you can take to make your property a bit more accessible and easy to maneuver through the daily tasks of life will be a benefit to you if you decide to target the 55 and older community with your rental.
Do not discriminate
It is important to check out your local Fair Housing laws if you decide to rent to the 55 and older community. Your marketing may likely be focused on this population, but you still cannot discriminate against younger potential tenants. In fact, unless you qualify for official “senior-housing” status, you are obligated to give every potential tenant a fair shot at renting your property.
If you aren’t keen on renting to the 55+ community but are just looking for tips in case you happen to have a tenant that is – you will want to be sure that you do not break any Fair Housing laws by discriminating against this population.
Older adults can make great tenants for your Atlanta rental property. Do what you can to make them feel at home and they are likely to take care of your property as if it were their own.
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 and a property manager, 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 atwww.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.