Property managers need to realize that senior renters are more profitable because they can be long term tenants if handled properly. As the number of senior citizens is increasing in the U.S, their demand of living in their own separate place is also increasing. The Census Bureau estimates the number of Americans 65 and over will climb from the current 40 million to more to 88.5 million within the next several decades. The world is modernized now and the change of trend shows that senior citizens prefer their individual homes where they are in control of everything around them.
Senior renters are thus more profitable for property managers. Property managers should be well aware of recent trends and studies to renew their marketing strategies to take hold of more profitable tenants. The senior renting demographic is estimated to expand by 2.2 million during the next 10 years which is a green light for property managers.
To properly manage and sustain these senior renters, property managers should meet their demands and needs. The most important practices that will ensure sustainability of senior renters are:
Senior renters are sensitive to health related issues. A property manager should realize this and understand the fact that these old aged people need a fresh and healthy environment to live in. The interiors of the house should be specifically designed to meet the needs of senior renters.
If you have built a multi-room house or building for rentals, make sure you have rehab facilities too. Senior citizens often need rehabilitation, and a rehab facility in their residential area will be very encouraging for them. Memory care is a service that is mandatory for a property manager to provide to its senior tenants. There are other services that you should take care of when you are dealing with senior citizens. These services ensure their safety which in return provides you long-term tenants.
Make sure that the interior of the house is safe for senior citizens. They need space and less crowded homes because they have a chance of falling, slipping, and getting hurt. To ensure their safety, make sure the interior is carefully designed. Windows must be easy to open; bathrooms must be spacious, no slippery tiles or flooring, etc.
Never underestimate your senior tenants. They are very sensitive to your conceptions and approach. Keep in mind that they have a more rational and outward approach to life. Provide them facilities that they need; such as, yoga classes, teaching schools, performing arts, public area, etc .
Understanding these aspects and implementing them in order to attract senior citizens will not only prove effective, but also ensure profitability in the long term.