When you think of your typical renter, what image comes to mind? Maybe a 20 or 30-something? It used to be that the younger population made up the majority of renters, but the demographics have shifted and “gray” is becoming more of the norm.
Data from the Census Bureau adds some color to this phenomenon. “Starting in 2030, when all boomers will be older than 65, older Americans will make up 21 percent of the population, up from 15 percent today,” the article states.
Naturally, these numbers affect all areas of society, including housing. According to research from the Harvard Joint Center for Housing Studies, Americans in their 50s and 60s represent a growing renter population. There are about 4 million more senior renters now than there were 15 years ago. Wow! Why the increase? Experts think it’s due to factors like this generation living longer and wanting to travel more and the desire to downsize.
Regardless of the motivation, it helps if you know how to cater to their needs so you can boost your retention numbers. Here’s what you need to know this year:
They’re A Protected Class
By now you’re probably familiar with the Fair Housing Act. It’s against federal law to discriminate on the grounds of age, disability, familial status, religion, color, ethnicity, race, creed, sex, and sexual orientation in matters related to housing. It’s important to understand how these laws may enter the equation in a tenant-landlord relationship.
Keep Their Health And Safety In Mind
When you rent to an older person or couple, you should request more contact information than just the person(s) on the lease. If they have family in town, have phone numbers and email addresses on hand in case of an emergency. If you don’t have that luxury, make sure you have a way to reach their doctor or medical team if necessary. Better safe than sorry, after all!
Honor Their Communication Preferences
While older people may be comfortable with social media, email and text messaging, they probably still prefer face-to-face communication, letters or calls. It’s a worthy endeavor to ensure all of your renters feel they’re a part of the community, so do your best to be mindful of their preferences.
Make It Homey
While you may be in the position to cater to seniors exclusively, you might take into account their feedback when renovating your properties. According to research by LCS and Spellman Brady & Company, windows and high ceilings are favored by this demographic. As far as flooring goes, carpet is a suitable option, as it offers warmth to a space and can reduce slips and falls associated with hardwood or other surfaces.
Think Safety
You may have to modify your units or common areas in terms of safety to accommodate older folks. Think working elevators, accessibility ramps, handrails on staircases, security cameras, and strong locks. It’s also a good idea to ensure your parking lot is well lit and free of debris to minimize accidents. Also on the note of parking lots, you may need to add additional handicapped spots to accommodate elderly tenants with mobility issues.
Did you know, we’re here to make your job a little easier? From local to state to federal regulations, a property manager helps protect you from being sued, fined, or going out of business. Having your own personal property manager means you don’t have to spend hours poring over potential renters applications, interviewing them, or collecting previous landlord referrals. You won’t be wasting too much time with someone who isn’t a good fit or unexpectedly find yourself in violation of housing laws and regulations.
A professional property management company with years of experience and satisfied clients can save you an enormous amount of time and energy. Instead of having to deal with the tedious or nitty-gritty tasks of rental management, you’re free to focus on the most important aspects of your job.
Contact our office today to find out more!
