You’ve probably heard (or experienced firsthand!) the shortage of available rental homes. In fact, rental prices have skyrocketed in the past two years as the demand for rentals increased to a historic high and supply remains limited.
If you’re currently a landlord, you’re probably marketing your properties to fresh-out-of-college professionals, young families, or late Gen Xers who seek flexibility and independence outside of homeownership.
So we bet you wouldn’t have guessed this: A recent report by the Harvard Joint Center for Housing Studies found that the biggest increase in renters is people in their 50s and 60s. Plus, the majority of renters are actually over the age of 40!
Why? More and more older homeowners may prefer the carefree lifestyle afforded by renting a home, and may appreciate a smaller living space as they transition into empty nesthood. Experts also point to the influx of foreclosures from the 2008 housing collapse as deterring the older, conservative generation from purchasing again. Plus, the relatively tight credit market may be keeping some folks from becoming homeowners.
If you’re a landlord, be sure to consider this demographic shift as you choose your next rental property. These are the characteristics that Baby Boomers seek out most in a new home: Single-family homes with bedrooms and laundry facilities located on the first floor, a guest bedroom, an abundance of closet and storage space, updated kitchens and bathrooms, and homes located in an home owners’ association with little to no yard work or exterior maintenance.