Several issues have fascinated the public’s attention in recent years such as the aging of the generation born after World War II. As a group, these “Baby Boomers” signify an oversized portion of the population, leading to an unprecedented extent of control on 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 Fort Collins home market and beyond, they are a force to be reckoned with.
Drawing in and retaining Baby Boomer renters demand a solid awareness of their necessities and partialities, as well as the qualities that define this generation. 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 characteristics offer an impression of the most useful approaches for promoting a property, inviting to retiree renters, and promoting social activity.
Attracting the Baby Boomer generation demands a combination of modes. Many Baby Boomers like utilizing online sources to explore rental homes, pay rent, and use smart home innovations. They will also frequently use the internet and sites like Zillow to locate 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 purpose, bringing in Baby Boomer renters must be performed with both online and offline modes.
One of the reasons industry specialists believe Baby Boomers are renting in increasing rates is because they don’t desire a mortgage payment or the responsibility of home maintenance once they retire. For Fort Collins 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. Several renters in this demographic are prepared to pay expensive rent if it involves some of the more labor-intensive home maintenance responsibilities.
When renting homes long-term to an aging demographic, it is also necessary to assume requests for reasonable modifications. Property owners can get ahead of these requests in some ways by building accessible doorways, ramps, and grab bars. Although some adaptations will be tenant-specific, many aging renters will be happy as they can surely utilize a higher degree of accessibility in a rental home and will welcome an owner’s effort to predict their current or future needs.
Property owners can also attract and retain Baby Boomer renters by providing gathering spaces on or near their rental home. Social activity is essential to renters of any age, but retirees often prioritize the ability to gather 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 frequently looking for a place they could visualize themselves staying in for many years to come. Fort Collins property owners can optimize their rental homes by offering amenities and services that appeal to this demographic and making their continuing satisfaction a priority. At Real Property Management of the Rockies, we understand how important tenant retention is, and how to effectively appeal to the owner’s desired demographic. 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 970-658-0410 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.
