Last summer, the Urban Institute revealed data about Baby Boomers that every property owner and association board should know.
In 2010, 5.8 million seniors lived in rental units, while 20 million owned homes. By 2030, the number of senior renters is expected to increase to 12.2 million, while the number of owners will reach 34 million.
Why? This massive generation is retiring and downsizing after their kids have left the nest. They’re hoping to cut down on the expenses and upkeep involved in larger homes to better enjoy their golden years. If you don’t already rent to Baby Boomers, you will very soon–so start preparing now.
Marketing to Baby Boomers: 3 Top Tips
1. Single-story, accessible floor plans are a must. In 2015, J Turner Research and Multifamily Executive reported that Baby Boomers are 4.5 times more likely to want a single-level floor plan. If you’re buying units or investing in remodels, remember this as your work up your plans.
2. They’re most active on Facebook. In 2015, Pew Research found that 64% of people aged 50-64 use Facebook, compared with 36% on LinkedIn and just 13% on Twitter. In your marketing and outreach efforts, be sure to capture the audience you want on the platforms where they’re most active.
3. Curb appeal can make or break their decision. Unlike Millennials, who prefer to gather information and search for properties online, Baby Boomers are more likely to jump in the car to see a property in person. In fact, according to J Turner Research, 1 in 4 Boomers don’t utilize online platforms to find a home. Make sure that your landscaping and exterior maintenance are up-to-date, and that there are clear signs in front of your properties.
Last–but certainly not least–consider hiring a property manager.
A property manager’s only job is to make you money, no matter what the market conditions are like. They’ll increase your unit’s appeal; find the right residents and keep them happy; and ensure that rent, dues, and fees are paid on time.
Robin Burinskiy is the Senior Content Writer and Managing Editor for the All Property Management Blog and Buildium Blog. She cut her teeth as a marketing copywriter at Wayfair and TechTarget, and she spends her free time perfecting her lifestyle blog, Feather & Flint. She holds degrees in psychology, sociology, and songwriting.