There are not a lot of topics that have engrossed the attention of the public more than the news of the aging of the generation born after World War II. These individuals, or most popularly called the “Baby Boomers” comprise an oversized segment of the population and this has resulted in their unprecedented measure of authority on American culture. As the Baby Boomer generation reaches retirement age and beyond, they have also become one of the fastest-growing groups of renters. In the Bryant home market and beyond, they are a force to be reckoned with.
Attracting and preserving Baby Boomer renters entails a genuine knowledge of their requirements and likings, as well as the features that describe 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 qualities suggest an impression of the various powerful approaches for promoting a property, attracting retiree renters and promoting social activity.
Marketing to the Baby Boomer generation entails a combination approach. Many Baby Boomers enjoy using online resources to search for rental homes, pay rent, and utilize smart home features. They will also often use the internet and sites like Zillow to find 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. Because of this fact, attracting Baby Boomer renters must be accomplished with both online and offline methods.
One of the reasons industry experts think Baby Boomers are renting at increasing rates is because they don’t want a mortgage payment or the burden of home maintenance once they retire. For Bryant 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. Many renters in this demographic are willing to pay a higher rent if it includes some of the more labor-intensive home maintenance tasks.
When renting homes long-term to an aging demographic, it is likewise crucial to expect calls for appropriate adjustments. Property owners can be proactive in remarkable ways by devising accessible doorways, ramps, and grab bars. Though some adaptations will be tenant-specific, many aging renters will benefit from a particular level of convenience in a rental home and appreciate an owner’s endeavor to anticipate their current or future needs.
Property owners can also bring and maintain Baby Boomer renters by building meeting spaces on or near their rental home. Social activity is vital to renters of any age, but retirees oftentimes 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 often looking for a place they could picture themselves living in for many years to come. Bryant 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 Hometown, we understand how important tenant retention is, and how to advance to the owner’s desired demographic effectively. 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 call our Hot Springs office at 501-708-4702 or our Benton office at 501-303-6870.
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.
