There’s not a lot of topics that can captivate an audience but recently, there is buzz regarding the aging of the generation born after World War II or the “Baby Boomers.” This group of individuals comprises a larger than usual section of the population, prompting a surprising level of influence 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 Evanston home market and beyond, they are a force to be reckoned with.
Drawing in and retaining Baby Boomer renters requires a decent comprehension of their needs and inclinations, as well as the characteristics that depict 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 attributes offer a look at the best procedures for advertising a property, appealing to retiree renters, and encouraging social activity.
Advertising to the Baby Boomer generation needs a combination approach. Many Baby Boomers like using online resources to search for rental homes, pay rent, and utilize smart home features. They will also frequently 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. For this reason, attracting Baby Boomer renters must be done with both online and offline methods.
One of the reasons industry experts think Baby Boomers are renting at increasing rates is based on the notion that they don’t desire to pay a mortgage or deal with the weight of home maintenance once they retire. For Evanston 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 incorporates some of the more labor-intensive home maintenance tasks.
When renting homes long-term to an aging demographic, it is also imperative to foresee demands for reasonable revisions. Property owners can be proactive by making accessible doorways, ramps, and grab bars. While some adjustments will be tenant-specific, many aging renters will benefit from a higher level of accessibility in a rental home and will value an owner’s attempt to anticipate their current or future needs.
Property owners can correspondingly attract and retain Baby Boomer renters by having gathering spaces on or near their rental home. Social activity is vital to renters of any age, but retirees often prefer locations that will give them 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 imagine themselves staying in for many years to come. Evanston 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 Chicago Edge, we understand how important tenant retention is, and how to attract 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 by phone at 773-904-7700 today.
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