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A study estimates at 2.2 million seniors will be entering the rental market over the next eight years. This group of potential tenants desires to be less tied down to the responsibilities of maintaining a home.. Here is a look at 13 key things these Baby Boomer renters want that landlords need to know

By Larry Arth

As a real estate investor and landlord myself I understand that tenants are the pillars of our business.

Working with hundreds of investors, I carry a high level of interest in the the kinds of tenants who represent our customer base. I trust that you, as a diligent investor and landlord, do as well.

With the importance of knowing exactly who your customers are, I have done research such as the post, “Why Millennials are important to landlords and the five things you need to know.”

There is another group important to landlords and investors — the aging parents of the Millennials, the Baby Boomers. Now that the young adults who have been living with their parents have finally flown the coop, their parents (the Baby Boomers) are selling their homes and downsizing.

An interesting and unforeseen event has taken place. College towns are attracting both Millennial renters and the Baby Boomer renters alike. Back in the 1950s, 60s and 70s, the aging populations would stay in their homes and eventually gravitate to retirement communities.

Today, they want to enjoy the good life and not be tied down. Like the Millennials, they want to be surrounded by activities, and college towns provide these activities.

Recently Bloomberg News reported that real estate developers such as Bozzuto Group, Abelson’s management company, and Alliance Residential Company are building projects where multiple generations can coexist. Should the supply of rental properties fail to keep up, however, younger people will be competing for housing with the burgeoning population of older Americans.

“It’s a combination of their sheer size and that they’re entering the age range where they increasingly downsize,” Jordan Rappaport, a senior economist at the Federal Reserve Bank of Kansas City, who has also studied the subject, told Bloomberg News. As a result, “It will put upward pressure on rents for all types” of multifamily homes, he said.

13 things Baby Boomer renters want that landlords need to know

©Photo by Andy Dean Photography via Canva

13 things Baby Boomers want and landlords and real estate investors need to know

  • Retirees want smaller communities in areas where the cost of living is cheaper.
  • They enjoy the cultural offerings, such as ballet or museums.
  • Walkability scores win over this crowd.
  • They want to be within walking distance to many activities.
  • They love to golf, so it should be near if not within the community.
  • Fine dining and higher-end restaurants should be close.
  • They want low-care or maintenance-free living environments.
  • 50 percent are renting single-family homes with all maintenance and yard care services included.
  • When living in a multifamily unit there should be a community room for social gathering.
  • They want two- and three-bedroom units for an office or visiting children.
  • They prefer higher-end finishes in kitchens and baths.
  • They have a low tolerance level for things that do not work right.
  • They want wine refrigerators.
  • Touch-button window screens.

Read more of what Larry Arth has found that boomer renters want!