When you think of the most popular rental market, what comes to mind? If you’re like most landlords, you might think of millennials. However, the fastest-growing rental market is at the other end of the age spectrum—baby boomers! As older generations are looking to sell properties and have amenities available in rental communities, they are flocking to rental properties throughout the Denver metro area.
Why Are Baby Boomers Renting?
Baby boomers are looking for a more hands-off way of life in retirement. Instead of staying in the homes that they have occupied for decades, many are interested in communities with like-minded people, living in cities where traditional houses are not available and not being on the hook for maintenance and landscaping. Between 2009-2015, the number of renters aged 55+ rose 28%, while those renting under the age of 34 increased only 3%.
This age demographic is looking to relax in retirement, not spend the entire time worrying about replacing a roof, mowing the lawn or tying themselves down. Many seniors are looking for the flexibility that comes with renting, along with the ability to meet plenty of new people in their new home. Maintenance-free living is almost impossible in a traditional residence, but it is possible in a rental property.
What Do Baby Boomers Want in a Rental Property?
- Convenience: Locations near grocery stores, senior centers, gyms, museums, medical facilities and hospitals, restaurants and public transportation are all considered appealing to baby boomers.
- Safety: Instead of retrofitting their homes, some seniors are particularly attracted to apartments and condos that are single-level, which lessens the risk of falling down the steps.
- Responsive Maintenance: The great news is that baby boomers are some of the best tenants on the rental market! The more challenging news is that with that excellent behavior and prompt rent payment comes high expectations for maintenance. Make sure that your property management company is up to the task of offering excellent service, like All County Denver Metro Property Management.
Appeal to the Baby Boomer Rental Market with All County Denver Metro Property Management
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.