For more than 65 years, the Baby Boomer generation has had a substantial impact on the United States economy. Nearly every industry has been affected – and housing is no different. As this group moves into their retirement years, many will be looking to rent. This is especially the case in areas such as Florida, where retired individuals or couples may have a “second” or vacation home.

As a rental property owner, seniors can make ideal tenants. However, in order to attract this demographic to your dwellings – as well as to command market rate rent – there are some things that you must do.

First, the property itself must be accessible. This means overall that the home itself should ideally have few (or no) steps to contend with – either inside or out. This can help those who may have limited mobility to get around the property more easily.

In order to make your property more accessible, you could also add various features such as:

  • Grab bars in the bath tub and / or shower(s), and near the toilet(s)
  • Ramps at the entry doors
  • Lower kitchen counters and cabinets

If you own single family homes, you may also want to include services such as lawn care and landscaping, so that the senior tenant does not need to contend with this maintenance on their own.

Likewise, being available in person for your tenants’ needs can be a plus. This is because many seniors may not be tech-savvy, nor want to deal with paying rent or handling other service requests online.

Having a property management service to help you in working with tenants can be an advantage, too. Doing so can assist you in freeing up your time, yet also allowing you to reap the benefits of your property investments. For more information on how partnering with a property manager can be a plus, contact us.