Not much has garnered attention recently compared to the aging of the generation born after World War II. The “Baby Boomers” in general has represented an oversized segment of the population which has led to an unusual degree of impact 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 Chevy Chase home market and beyond, they are a force to be reckoned with.
Attracting and keeping Baby Boomer renters involves a good understanding of their needs and tendencies, as well as the traits that characterize 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 offer a glimpse of the most productive strategies for promoting a property, alluring retiree renters, and boosting social activity.
Advertising to the Baby Boomer generation requires a mixed strategy. Many Baby Boomers, in general, utilize online assets to look for rental homes, pay rent, and use savvy home features. They will likely 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 common means of gathering information for this demographic. For this reason, attracting Baby Boomer renters must be cultivated with both online and offline methods.
According to industry experts, one of the explanations as to why Baby Boomers are renting at increasing rates is the fact that they neither desire a mortgage payment nor want to bear the burden of home maintenance so soon after retirement. For Chevy Chase 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 eager 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 also imperative to anticipate requests for some reasonable renovations. Property owners can be proactive in some ways by putting in accessible doorways, ramps, and grab bars. While some modifications will be tenant-specific, numerous aging renters will benefit from a higher level of convenience in a rental home and appreciate an owner’s effort to anticipate their current or future needs.
Property owners can also entice and retain Baby Boomer renters by having gathering spaces on or near their rental home. Social activity is essential to renters of any age, but retirees often prioritize the ability to come together 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 imagine themselves staying in for many years to come. Chevy Chase 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 Washington DC, we understand how vital tenant retention is, and how to appeal to the owner’s coveted demographic efficiently. 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 202-813-9993 today.
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