As the Baby Boomers grow into their silver years, this is creating an additional level of need in housing for seniors. For many, they may choose to rent instead of owning. The reasons for this are evident for anyone who has helped a loved one walk through this period.
My mother went through a period where, after the children had left the house, she needed much less space. From a cost standpoint, a much smaller space made sense. Then, a surgery meant that it was good that she was close to other people who would check on her. Arthritis meant one level living became a big need. And living off of savings meant conserving resources was key. All this together made a one level apartment the right fit.
For many Boomers, similar circumstances make renting in communities geared towards seniors the perfect fit. Here are some things to consider in order to tailor to this discerning resident.
Affordability
Many Baby Boomers are retired or approaching retirement, so affordability is a significant factor. They may be living on fixed incomes, pensions, or savings, and they often seek rental housing that fits within their budget.
Accessibility and Age-Friendly Features
As Baby Boomers age, they may require housing with age-friendly features such as grab bars, wider doorways, lower countertops, and easy access to amenities. Single-story homes or apartments with elevators are essential to avoid stairs.
Proximity to Healthcare
Baby Boomers value living near healthcare facilities or medical providers, given their potential health-related needs. Access to quality medical care can be a significant factor in their housing choices.
Community and Social Engagement
Many Baby Boomers seek rental housing in communities that offer opportunities for social engagement, recreational activities, and access to cultural events. Active adult communities and retirement communities are popular choices.
Downsizing
As empty nesters, some Baby Boomers may be looking to downsize from their larger family homes to smaller, more manageable rental units, such as apartments, condos, or townhouses. Energy efficiency is a large bonus feature here.
Many boomers, though, are accustomed to certain levels of comfort, and having higher end features will provide the level of comfort they expect at this point in their lives.
Amenities
Property features that attract Boomers are much less “pools and tennis”, and much more “pickleball and community rooms”. Having an on-site hair salon, or even physical therapy are a large plus. Creating the community aspect with places to gather is very important, as more Boomers than ever are single and looking for companionship or more.
Safety and Security
Safety is a paramount concern for many Baby Boomers. They may prefer rental housing in secure, gated communities or buildings with advanced security systems.
Pet-Friendly Accommodations
Many Baby Boomers are pet owners and may seek rental housing that allows pets, as their pets often provide companionship and emotional support.
Transportation Options
Access to reliable transportation, whether through public transit or proximity to essential services, is important for Baby Boomers who may no longer drive or prefer not to.
Maintenance and Services
Baby Boomers may seek rental properties that offer maintenance services, such as landscaping, snow removal, and home repairs, to reduce the physical demands of homeownership.
It is interesting to note that PA has the 5th highest number of residents age 65 and over. This does line up with the population overall – PA is the 5th most populous state in US. Many Boomers may prefer a rental they can lock and leave here while they spend a few months “snow birding” in the South.
If you are looking to tailor to this rapidly growing renter base, contact us to discuss strategy.
