Why rent to senior tenants? Have a read and we'll tell you about the benefits
Senior citizens might not be the first group of people that come to mind when you think about renters or technology for that matter. However, this group is just as important as the tech-savvy generations that follow them. Let’s take a look at how they fit in the rental industry.
For the sake of this post, we categorise seniors as 55 years old or older. As more and more of the people in the baby boomer-generation are retiring, they are looking to rent rather than own. Studies have shown that after the age of 82, the majority rent rather than own. For some, this can be due to the fact that they don’t want to be the ones paying for maintenance anymore or having to pay unpredictable expenses on a fixed income.
This generation is becoming more and more optimistic when it comes to ageing: Some stating that kicking back and relaxing as they’ve gotten older is one of the best aspects of ageing. Two other key perks of ageing were the financial stability and retirement from professional life.
So why do these seniors choose to rent? Well some choose to rent for the flexibility or accessibility while some choose to move to be closer to relatives or downsize from a big house to an apartment. This makes it more manageable for the generation. As these generations are starting to enter the rental market, the apartments have to fit their needs. And as this group of people presumably have seen their fair share of houses and apartments, they’ll know what they want in a future home.
It is important to note that landlords have to be aware that senior tenants might need more help due to for example physical restrictions. Therefore, landlords need to consider how they can help the seniors to the best of their ability.
If we look at some of the benefits of renting to senior citizens, maturity, financial security and stability come to mind. These particular tenants might be less inclined to move a lot, which is why these tenants would presumably stick around for a long time. Thus, they might even make for more reliable tenants.
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