The Ageing Of Today’s Renters


The 3rd largest group of renters now fall in the 60+ age group. This has increased by over 42% over the last 10 years.

The aging tenant trend will probably increase over time. 60+ renters are the fastest growing group of tenants.

What’s Driving This

One obvious answer is the decline in home ownership. Many seniors are deciding to rent instead of buying or remaining homeowners. Reasons such as the cost of home maintenance, choosing to downsize etc. So, with the rise of senior tenants, what should you do to prepare for the next 10 years.

Housing Challenges For Seniors

Seniors face challenges that are unique to them. Challenges include the physical property as well as affordability and availability to medical services.

How To Prepare Your Rental Unit For Older Renters

  • Consider non-slip flooring in key areas inside and outside
  • Fix any trip hazards such as uneven walkways, and tiles
  • Add ramps where needed
  • If stairs exist, make sure you install handrails on both sides
  • Make sure all entryways have proper lighting

The Senior’s Dream Kitchen

  • Appliances with easy to read controls
  • Low microwave and oven for easy loading (without having to lift)
  • Open shelving
  • Glass cabinet doors allow for viewing of contents
  • Lazy Susan’s are a plus

The Senior’s Dream Bathroom

  • Non-Slip flooring (inside tub/shower, entrance to the shower)
  • Add support bars in showers/baths and next to the toilet
  • Consider a fold-down seat in the shower
  • Add shower heads that are adjustable heights and that include a hose for easy bathing
  • Be sure to have proper lighting in the shower/bath area

Benefits To The Property Manager

  • Stable tenants (not losing jobs, job transfers etc.)
  • Inclined to be longer-term tenants
  • Usually no criminal activity or disruptive activities
  • Steady income (retirement, social security)
  • Rental assistance programs may apply as well

The average age of renters will continue to rise. Being prepared as well as welcoming the elderly renters can be a win-win for all.
About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Read more Top Property Management Blogs. Learn more www.PropertyZar.com

Comments

Post a Comment

Popular posts from this blog

These Advancements Are Bringing Real Estate Into The Modern Era

Image
  Many industries throughout the marketplace have changed their practices in response to developments in technology, but real estate, including property management is still largely stuck in the past. On-demand app development is making access to services easier than. Artificial intelligence and the Internet of Things are connecting us in new ways every day. It’s clear that taking advantage of these developments is key to progressing. As an industry with roughly $280 trillion in value , taking advantage of these new opportunities could produce billions or trillions in profits. A number of large real estate companies are attempting to build their own in-house technology, but in many cases, it would be more efficient for them as well as and property management companies to use existing solutions. These are some of the most exciting possibilities that new developments in technology can offer the real estate industry. Outsourcing the Cloud Cloud services is a rapidl...
Read more

How Propertyzar Compares To Appfolio, Buildium And Others

Image
Evaluating the right property management software can sometimes seem overwhelming. With so many options, how do you decide? The BIG Picture – It is important that you consider your business strategy when searching for a property management software. Whether you inherited a few rental properties, a real estate investor with multiple properties or a professional property manager looking to increase your portfolio of rental property owners. When you choose a software solution, there is time and effort involved for you to get “up and running” . You don’t want to change products because your business has out grown your current software solution. PropertyZar is not a “lite” application but instead is a feature rich solution for property managers and landlords. We are compared to products such as Appfolio, Yardi and Buildium. We do not compare to the smaller or freemium products. What does that mean? A common example is Accounting. While some vendors say they have a...
Read more

Online Property Management Software by PropertyZar

Image
PropertyZar’s cloud-based property management software enables property managers and owners to scale their real estate business. With PropertyZar’s robust application, property managers can market vacancies, run background screening, accept online applications, and maintain all their accounting records by owner and/or property. PropertyZar’s web-based property management software also reduces the amount of work that is required of property managers. Managers or Owners can configure PropertyZar to: Automatically enter late fees Automatically send out owner statements Auto syndicate properties Automated recurring invoices Appointment reminders Automated asset reminders (change filters, maintenance etc.) Automated work order requests Automatically email management fee reports Rent reminders are automatically sent to tenants PropertyZar also comes with PZ Tenant , our mobile app for tenants. Using PZ Tenant, tenants can pay their invoices on...
Read more