While the majority of renters are in the Millennial age range, there are still a large number of retirees who choose rentals over owning homes. In fact, according to data from the Joint Center For Housing Studies of Harvard University, the number of adults in America between 50 and 74 who are choosing to rent rose several percentage points between 2004 and 2013. Often retirees are downsizing or looking to move to an entirely new state and opt for rentals. Rentals provide retirees with lower maintenance and less general upkeep to worry about.
Recently, United Van Lines released their Annual National Movers Study for 2016 and revealed that retirees are opting to head to the Mountain and Pacific West. If you own properties in this area, you might see a new influx of retirees looking for a comfortable and peaceful rental.
Where Retirees Are Headed
According to the study released by United Van Lines, retirees are packing up their bags and heading to some of the most popular Mountain West locations including Washington, Oregon, Idaho, and Nevada. These areas are already seeing a large influx of newcomers, but large portions of those inbound movers are people looking to retire in the mountain air.
From this study, United Van Lines states, “Mountain West led the way with retirees, with one in four movers indicating they chose to move to this location for retirement reasons.”
Check out how each state stacks up:
The Benefits Of Renting To Retirees
If you own a property in any of these areas that are seeing an influx of retirees, you could benefit from renting your property to these households. Retirees can make excellent tenants, if they meet the right criteria.
For retirees, renting provides an array of benefits including the following:
- Less maintenance
- Lowered costs of living
- Ability to relocate near family
- Repairs handled by someone else
Retirees are not the only ones who will benefit from the rental scenario. Landlords can also find it rewarding to rent to the senior sector. Some of the benefits of renting to retirees include the following:
- Stable Lease: Most retirees are looking for a place in which they can reside long term. Retirees are not prone to bouncing around. This means you will face less vacancy time. If you find the right retiree tenant, you might enjoy years of peaceful renting.
- Peaceful Relationship: Generally speaking, you will probably enjoy a more peaceful relationship with senior tenants. They are less likely to throw parties or upset the neighbors.
- Already Responsible: By the time someone has reached the age of retirement, they have most likely figured out how to handle being an adult. They have been paying bills for years, and understand the importance of handling their own affairs.
Remember, there are always exceptions to the rules. Just as being in your 20’s doesn’t immediately make you an irresponsible, partier, being in your 60’s doesn’t make you a responsible, easy-going tenant. It is also important to note that, as always, you have to abide by the Fair Housing Act when screening tenants.
Making Your Property Retiree Friendly
If you live in a location where there are a number of retirees looking for rental properties, you will want to make sure your property doesn’t miss the mark with this demographic. Just as there are important marketing tips to follow for attracting the millennial generation, there are items that will be more important to retirees.
Some of the property features retirees are looking for include the following:
- Hands-Off Maintenance: One of the reasons a lot of retirees sell their homes is to get rid of the hassle of home maintenance. It is important for retirees to know someone else will handle repairs, and will handle them in a timely manner. For some retirees, they will also be looking for properties where the yard work is handled by someone else. Even if it means charging a little more in rent, attracting retirees means creating a hands-off maintenance approach.
- Access To Community Activities: For many retirees, they are looking for a rental that has access to community activities. If your property is located near a community events center, be sure to highlight local activities.
- Central Location: Many retirees want to be closer to the center of town with easy access to shopping, restaurants, libraries, museums, and other local attractions. With extra time to spend enjoying luxury activities, the location will be extremely important for retirees.
- Quiet Neighborhood: Most retirees are looking for a peaceful place to live. They will be hesitant to rent in an area that seems prone to late night partying.
- Secure Home: Ensuring your property is secure will go a long way in making retirees feel safe in your rental property. Be prepared to answer questions about the crime rates in the area. From window locks to doors to gates on the property, make sure you have done your due diligence in securing the unit.