The Senior Tenant: What They Are Looking For

There is a new group of renters on the market and, thanks to the Baby Boomers, they are continuing to rapidly grow in number: the senior renter.

In years gone by, the traditional sense of becoming a responsible adult when that you purchased a home, raised a family, and resided in that home until you were no longer to care for it or yourself. Or, well, until you died. 

But, not anymore. 

In today’s times, we are all about experiences. You know, living fully and living in the moment. And, from this, a new idea has surfaced – why buy and be tied down when you can rent and be free? 

Retirement is supposed to be a big factor in the golden years. But, who wants to retire and sit in there home? Not today’s seniors! This is the time to get out and experience new places and try new things. Homeownership, though, can seriously put a damper on this. Maintaining a large home that you no longer need seems like a waste of money and a big headache. 

Hence, the senior renter. 

As a landlord or property investor, you need to know what your renter is looking for. With this new type of renter, things such as a good school district are no longer the eye-catching win. So, what is it they are looking for? 

Seniors are looking for… 

• A great location and ease of accessibility. This includes being close to things such as grocery stores, medical facilities, pharmacies, libraries, parks, and so on. Many seniors no longer drive or have decided to give up the expense of a vehicle. Living in an area that allows easy access to public transit is also a definite plus. 
• One-story homes or apartments. As we age, our bodies don’t work as well as they once did. Seniors prefer to reside in a place that doesn’t require going up and down stairs, whether inside or outside the home. 
• Quiet surroundings. Crying babies, teenagers blaring music, and all-night parties are fun for a little while. And, while aggravating to some, they can be tolerated. Seniors, however, are looking for a rental that offers quiet surroundings – where nighttime hours brings silence and good sleep. 
• Safety. As seniors age, they, unfortunately, become easy targets for thieves and other ill-intentioned individuals. When moving into a new place, these tenants want to be confident that they are safe, both walking outside the home and with safety features in and on the home. 
• A well-managed property. Seniors don’t want to have unnecessary worry. If they did, they’d have maintained their own home. When a refrigerator stops cooling, they want to know their landlord is someone they can count on to get it up and going without hassle. Open lines of communication are important for these elderly individuals – and they expect that in return. 

Well, there you have it. Now you know what you need to provide in your rental properties or you’ve got to look for in your investments if you want to latch on to this senior market. Remember – it doesn’t show any sign of slowing down. So, what are you waiting for? 

 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.