The American Dream. You work hard, live well, and retire with plenty of time to travel and spoil your grandkids. Does it always work that way? No. These days, many retired folks find themselves, for one reason or another, needing to rent a home.
In a society where we find it less and less common to purchase than to rent a home, this trend of those in retirement renting properties is likely to continue – and even expand.
But, why is it happening?
Many retired individuals are deciding to sell their home (if they had one) and move to the city closest to their loved ones. This is especially true for those seniors who are alone. It gives them the opportunity to watch grandkids grow and have love and support nearby. It also allows them to rent a home, giving them the ability to be more mobile and not restricted to one location.
Renting also provides retirees with the ability to go where the amenities are. “Active Adult” communities are popping up all over the place where they can be a one-stop-shop for someone less mobile. Everything they need – including transportation – is right where they live.
Perhaps, they are just cashing out and living carefree and fancy-free in retirement. If we want to get serious, however, this may all very well be due to the housing market crisis a decade ago. Many homeowners lost their homes at that time and have been unable to grab hold of another purchase since.
Renting is becoming the norm. If you are an investor, it’d be wise to market to these individuals if you discover a property that offers what they need. Consider this: social security benefits come every month – and you may just find yourself a long-term, responsible tenant. Keep your eyes open.
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Marina Shlomov, a managing partner at ALH|Podland Realty and Atlanta Rental Homes Property Management is the author of many articles on Landlording, Real Estate, Rental Property Management, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta 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, BiggerPockets and REI CLub and LinkedIn.
