Are You Ready for the Senior Rental Boom?

Does your community cater to senior residents?

Research shows the number of senior renter households is projected to increase from 7.4 million in 2020 to 12.9 million by 2040.

That’s just the data on how many senior renters we’ll see enter the market.

Now let’s look at the overall population.

Recent data predicts the population of 80-year-olds to grow from 13.2 million in 2020 to more than 23 million in 2034.

This indicates that even if you weren’t thinking about renting to senior citizens, you’ll inevitably see an influx of leads coming from this demographic.

But are you ready to meet the demand of this growing population of senior renters?

From amenities to more accessible units, here’s how to position your community for success.

(Source)

Consider Accessibility Issues

What’s going on with the entryways and flooring in your community?

Are your doors accessible and easy to use?

Are there tons of uneven surfaces and problematic surfaces that can quickly lead to trips and falls?

Door handles that allow seniors to find their grip or use their body weight is one way to make your community easier for seniors.

Slip-resistant flooring material is also a solid choice for your senior residents, but it's also important to consider the upkeep and maintenance of anything you choose.

For example, rubber is a win for slip resistance and ease of installation but can prove costly.

Linoleum is the OG in durability and ease of cleaning but it isn't very comfortable to stand on or walk on.

The main goal is to avoid flooring materials that are particularly hard on seniors, such as:

🚫 Natural stone

🚫 Ceramic or porcelain tile

🚫 Area rugs

🚫 Lots of transitions and steps

What about grab bars?

Seniors typically need grab bars in bathrooms and areas of their apartment to make it easier to get up and move around or just provide more stability.

Consider if all of your units include grab bars or if they will be provided upon request.

Tip 💡: Another option is to make specific units in your community senior-friendly and evolve along with the needs of your primarily rental market.

‍

Look to Assisted Living Amenities

If you’re not sure what types of amenities are attractive to the boom of senior renters, look to your local assisted living homes.

No, you don’t need to install a brand new swimming pool or fitness center (unless that’s part of your broader market research and budget goals), but you do need to consider the needs of the aging population.

✅ Activities for socializing

✅ On-site property managers and maintenance team members

✅ On-site classes, such as technology courses designed with seniors in mind

✅ Transportation options to take seniors to area events, clinics, and grocery stores

✅ Adaptable exercise equipment or safety features to enter your swimming pool

You may not be able to hit everything on the list of what seniors want, but making it a more inclusive environment can help attract more of the demographic and meet their unique needs.

Think About Financial Flexibility

What kind of senior market do you want to appeal to?

Only marketing and catering to wealthy seniors may allow flexibility to raise your rental prices but it also demands more attention to the amenities and community they’re looking for.

In other words, it’s going to be hard to compete with the upscale, resort-style senior living facility down the road that’s fully loaded with amenities and on-site care.

If you plan to cater to a broader scope of senior citizens, it’s also vital to consider how they pay their rent.

Do you have a community portal set up?

Depending on their age and background, seniors may not be comfortable with paying rent online and want to hand over a check in person.

Remember, your senior community members are also more likely to be on a fixed income or receive social security benefits. ☝️

When your senior residents have access to consistent retirement funds, it generally means steady rental payments that keep your business in healthy financial shape.

But if those benefits are late and their rent is delayed, what will that do for your cash reserves?

Make sure you have a plan to accommodate the financial factors impacting your senior residents.

(Source)

Focus on Aging in Place

The overarching theme of catering to senior residents is about how they can age in place in your community.

You need to rethink every aspect of your business and ask yourself:

👉 How do your amenities cater to senior residents?

👉 How does everything from adaptable bathrooms to laundry rooms accommodate your older renters?

👉 How will they handle an emergency with a senior resident?

👉 Will your team members help with the basics like package delivery to their door and arranging transportation for appointments?

👉 Will your community transition into a senior care facility and tap into available tax credits? Or stay a multifamily community that happens to cater to senior residents?

There’s nothing wrong with going all in on senior residents or choosing not to specifically cater to them.

Tip 💡: Just make sure either choice is a deliberate and intentional one.

You don't want to go all in and then be left scrambling to handle the specific needs of a senior resident boom.

But you also don’t want to choose to forgo any changes, then later realize the majority of your local market is about senior residents looking for their next forever home.

‍