Making your rental property appeal to empty nesters is a bit different than for other renters. Here’s some insight:
A populous wave of baby boomers and seniors is hitting the rental market. When children have permanently found their own homes, it’s not unusual for parents’ to re-think living space. Sure, some will be happy to remain in familiar homes and convert abandoned bedrooms into craftrooms, library rooms, guest rooms, etc. Many more no longer need the big house, all the rooms to keep clean and the high-maintenance yard. Low maintenance and simple living become more attractive.
A common thought is that retirement is for travel. Being able to rent allows freedom from being tied down to one place. Be mindful, you cannot market specifically to seniors unless your property meets the requirements set forth in the Fair Housing Act. Keep reading to learn some tips to make your rental property appeal to empty nesters in Minneapolis!
If you’re a property buyer who would prefer renting to empty-nesters, you might want to avoid buying houses with lots of stairs or narrow entryways. Provide handrails or even a walk-in tub. Keep shelving low, for safety; step stools can be a danger to people as they get older. While this generation of seniors is more active than ever, making things easy and safe is still very important. Consider sticking to one story houses, without steps at the entrances.
Convenience closeness to a grocery store, restaurants, and recreational areas are very important to empty nesters. Some don’t want to drive too far in order to get the things they need. Some elders give up driving and need to be close to all of these kinds of places by buslines or a car service.
When you are looking for a rental property that will appeal to seniors, look for quiet neighborhoods near shopping, dining, and outdoor spaces.
They’ve mowed enough lawns and dealt with enough leaky roofs. Although there are probably people who look forward to retirement to spend more time gardening, there are probably more preferring to do as little maintenance as possible. The yard looks nice but require little to no landscaping. If there is a lawn that needs to be mowed, take responsibility yourself, factoring the cost into the monthly rent. The property should be as low maintenance as possible while including amenities they might enjoy.
Keeping it low-maintenance will also mean not having the home be too large. While they will want some space, they will likely not want to have to clean up extra rooms. If they are choosing to rent, they will likely want something smaller than where they were living previously. Two and three bedroom single family homes are popular with seniors. Having one room to sleep in, another for an office or sewing room, and another as a guest room will be more than enough space. That said, it is important to have adequate storage as they have likely acquired a good amount of belongings over time.
If you own an apartment complex or rental community and you want to make your property available specifically for renters over the age of 55, you will need to have at least 80% of the units occupied by people 55 and up. You can rent the remainder to whomever you would like, however, most landlords for these type of rental properties opt to not rent to families with children.