With the ease that comes with renting, more and more retirees are turning to this option rather than staying in their houses. Older generations are not wanting to have to deal with the hassles of maintaining their own property, and many find that renting is cheaper anyway. In New Jersey, the most popular towns for retirees are Allenhurst, Saddle River, and Englewood Cliffs (click here to see the whole list). There is a growing market for property owners as Baby Boomers are retiring, so to help you gear towards renting to them we’ve compiled a few tips:
Accessibility is key: Not too many steps, wheelchair accessibility, and large showers are extremely good selling points for retirees. They don’t want to have to stress about getting up and down flights of stairs or being able to get in and out of a high-walled bathtub. If you’re worried that your properties won’t appeal to retirees, think of adding some mobility features.
Area around your property: Retirees want to be able to have close access to the things they like to do, and the most common places they frequent. Centered areas close to hospitals, grocery stores, and local restaurants will give your property the convenience factor they’re looking for.
Your reputation: Older generations will not want to make any immediate decisions. They will want to read your reviews and ask others about their experience with your property. Be prepared to meet with them more than once to cover all of their questions. This is an important step in creating a trusting relationship you want to have with them.
Using a property management company like CAB Group can greatly increase your chances of appealing to retirees because we have experience in adding mobility solutions to properties, handling maintenance issues quickly, and know what retired tenants are looking for in a property. If you are interested in letting us take care of your properties and tenants, give us a call today!