Major changes in the economy and rental market since the recession mean that more people are renting their homes than at any point in the past 50 years, and they’re renting homes much later in life than ever before. A recently updated study from the National Multifamily Housing Council (NMHC) shows that nationwide, people aged 45 to 64 years represent 30% of the rental housing market, while those aged 65 years and older represent an additional 15% of the market. That means that about 45% of your potential renters are either late in middle age or senior citizens.
Simple Steps To Making Your Property Senior-Friendly
With 55% of prospective tenants under age 45, property owners should look for a good balance between what may attract seniors and what may turn off younger tenants. Consider these ideas, which offer relatively low-cost implementation and add appeal for older tenants, without making the property feel like a senior center:
Add Handrails – Adding handrails to interior stairs and in bathrooms is one of the lowest-cost changes you can make, and it can help your property’s appeal to seniors by showing them that you’ve already considered this as a potential need.
Consider Flooring When It’s Time To Replace – When you’re planning to replace flooring, consider the fact that having a single flooring material, or as few material transitions as possible, will make it easier and safer for people with mobility issues and people who may need to use a walker in future. Hard floors are easier for tenants to maintain than carpets.
Low Maintenance Landscape – If you’re not building gardening service into your rental price, consider landscaping that requires minimal watering and upkeep. Make it easy and affordable for your tenants to keep the property looking good.
Easy Parking – Think about where tenants will park their cars and how easy it will be for them to get in and out, and carry things like groceries in. If the existing parking isn’t as easily accessible as it could be, consider making changes that will help your future tenants.
Residential Property Management In Orlando
Belmont Management Group offers professional property management in Orlando and the surrounding area. We take care of time-consuming issues like advertising, tenant screening, leasing and inspections, and ongoing maintenance and repairs. We can also provide you with expert advice on how to make cost-effective changes that will help your property rent and extend tenancy, so you realize the strongest returns on your investments. Call or contact us online to learn more!
Note: Please keep in mind that this is mostly a summary of the important points, but by no means does it constitute or cover all of the requirements of renting to senior citizens.