Making your rental property appeal to those who are newly retired and/or are now empty nesters is a bit different than trying to appeal to just your average renter. We will give you some insight on what this specific group is looking for in our latest post!
Rental Property Appeal – What does that even mean?
There is a huge wave of baby boomers, empty nesters, and seniors hitting the rental market. Why? Many of them have sold their large family home and are looking to not only downsize, but to not have to be the ones to worry about upkeep and repairs. They may have built up quite a bit of equity in their family home and are ready to live comfortably on that equity. Basically, once the kids have moved out, many find that their needs have changed. They no longer want the headaches and the hassles and the commitment. Instead, they are looking for low maintenance, simple living that is stress-free. Many of them are using their retirement for travel, so being able to rent allows them the ability to jump around and gives them the freedom from being tied down to one place. But be mindful when advertising your property as being for rent. You cannot market specifically to seniors unless your property meets the requirements as set forth in the Fair Housing Act. Keep reading to learn some tips to make your rental property appeal to this new rental demographic, aka empty nesters in Torrance!
The house a young family might want isn’t always the same house that will attract senior renters. You might want to stay away from houses with lots of stairs or narrow entryways. Make bathing simple by providing handrails or even a walk-in tub. Keep shelving low, as to not require the use of a step stool to access things. While this generation of seniors is more active than ever, making things easy and safe is still very important. When you are looking for a rental property that will attract seniors, consider sticking to one story houses, without and steps required to get into the front door.
Location, location, location
While they might be looking for some peace and quiet, they will still want to be close to the amenities they need. Being close to a grocery store, restaurants, hospitals/medical buildings and recreational areas are some things that are very important to empty nesters. They will not usually want to drive too far in order to get the things that they need. When you are looking for a rental property that will appeal to seniors, look for quiet neighborhoods near shopping, dining and large outdoor spaces.
Hassle Free (No Maintenance)
They’ve mowed enough lawns and dealt with enough leaky rooves. They will likely want their rental property to require as little maintenance as possible. Make sure the yard looks nice, but requires little to no maintenance. If there is a lawn that needs to be mowed, include that as part of the rental, factoring the cost into the monthly rent. Even better, install artificial grass or install drought-tolerant plants, instead. The property should be as low maintenance as possible while including amenities that they might enjoy.
Just the Right Size
Keeping it low-maintenance will also mean not having the home be too large. While they will want some space, they will likely not want to have to clean up extra rooms. If they are choosing to rent, they will likely want something smaller than where they were living previously. Two and three bedroom single family homes are popular with seniors. Having one room to sleep in, another for an office or sewing room, and another as a guest room is usually more than enough space. That said, it is important to have ample storage space, as they have likely acquired a good amount of belongings over time and they want to keep them close by.
If you own an apartment complex or rental community and you want to make your property available specifically for renters over the age of 55, you will need to have at least 80% of the units occupied by renters who are 55 and up. You can rent the remainder to whomever you would like, however, most landlords opt to not rent to families with children. The reason being, many seniors are looking for some peace and quiet after raising a family of their own! That will definitely boost rental property appeal.