We’re seeing a rental trend with the Baby Boomer generation that is not unlike what we also see from Millennials. Baby Boomers are foregoing homeownership and embracing home rental. Rather than staying tied down with the hassles of owning a home, more Baby Boomers are leaving the maintenance and headaches up to landlords. They are downsizing their homes while “up-sizing” their lifestyle. As a landlord, how do you capitalize on a population that is eager to rent a home? Make sure your properties are Baby Boomer friendly.
Eco-Friendly Living is Important
Baby Boomers are concerned about the environment, but how does that relate to your rental properties in San Antonio? Our area is an attractive place for seniors and retirees to live, and your rental properties can attract Baby Boomers who are looking for an environmentally sound home for their empty-nester years before retirement. Choose products and services for your properties that promote safe environmental practices. Quality air filters, programmable thermostats, and LED light bulbs are excellent home features for any eco-friendly enthusiast.
In your listings, highlight local organic grocers and restaurants. Make sure recycling is available near your properties. These small efforts in your properties will also help lower energy bills for your tenants. Your Baby Boomers will appreciate the savings on their monthly bills.
Use the Latest Technology
Don’t think of Baby Boomers as your aging grandparents. They might be closer to retirement than when they first started working, but they also probably taught their kids how to use their iPhones. This generation appreciates technology. Automate as much of your process as possible with the latest property management software to attract more Baby Boomers to your properties. They want to fill out applications online. Search properties online. Pay rent online. Request maintenance…online. The more technology-friendly you are, the happier they’ll be.
Highlight City Life
Many Baby Boomers prefer renting a home to live a free lifestyle. They like to go out and “do.” Rather than sit in the suburbs, they love trying new restaurants and experiencing more San Antonio city life. If you have properties located near downtown or more urban areas of San Antonio, you are in a prime location to offer Baby Boomers what they want at this stage in life. You’re close to things they can walk to and do. The River Walk is an ideal mix of comfort and city dwelling. There’s never a lack of things to do. It’s perfect for Baby Boomers who don’t want to grow old while maintaining their large home in the suburbs.
Be Pet-Friendly
When the last child leaves the home for work or school, Baby Boomers might be left with the family pet that’s been part of the family for years. Make sure some of your properties are pet-friendly. You’ll provide an ideal living environment for a couple looking to downsize as empty nesters without having to leave their beloved cat or dog behind. Plus, an evening stroll around the neighborhood is the perfect end to a day.
Embrace Stability
Simply put, typical Baby Boomers are more able to afford your properties and stay for the long haul. You want Baby Boomers in your properties. Many Baby Boomers are still employed with a steady income. In Texas, there is a sizeable gap between the average income of Millenials compared to Baby Boomers. Baby Boomers average 44% more income annually than Millennials. Plus, your typical Baby Boomer appreciates and takes good care of a home. They’ve likely owned a home before deciding to rent. They’ll notice things about your properties and make timely maintenance requests if any issues happen.
Baby Boomers have paid bills for years. They are used to paying bills on time, every month. Also, while Millenials often chase adventure or new jobs, most Baby Boomers like a place to call home for as long as they can before it’s time to consider retirement communities or assisted living. If you have to choose between youth and age, pick a Baby Boomer tenant for your property.
Choose a Property Management Company to Find Baby Boomer Tenants
San Antonio is a great place to own investment properties in a Baby Boomer-friendly market. It’s a desirable location for retirement, and a good retirement city often attracts the 55+ population before it’s time to “officially” retire. Ensure your properties work well for Baby Boomers. They appreciate a good value, great service, and a low-hassle situation.
Real Property Management Campanas is the best property management team for your properties in the San Antonio market. We work with technology that anyone can use to make the rental process easier. We’re also available at a moment’s notice for emergencies and maintenance requests. We treat you, your tenants, and your property with the utmost care for the long haul. Contact us anytime to set up your free property analysis and consultation.
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