What boomers want now from their multifamily rentals
The US is home to over 70 million baby boomers. Born between 1946 and 1964, boomers were named after the rapid increase of births that followed the second world war. They’re Generation X’s predecessors and, until very recently, were the largest generation. Despite Millennials taking the lead, boomers continue to be economically influential – especially when it comes to the rental housing market. Boomers are the fastest growing renter sector in the US, with similar patterns beginning in the UK.
Why boomers are the prime audience for multifamily marketing
We know you’re probably wondering, don’t most boomers own properties? This has been the case for many years, but in this post-pandemic era, more and more boomers are beginning to realize the benefits of long-term rentals.
From flexibility over where they live and for how long to reduced living costs, rental accommodation can offer boomers a better way of life. And so, they’re saying goodbye to mortgages, cashing in, and looking to downsize, creating a fantastic opportunity for property managers of multifamily communities.
Are your units boomer ready? If you’re not sure, don’t worry, we’ve listed our best advice for what boomers are looking for from a rental property below, so you can make the most of this growing market.
What boomers want from a multifamily rental: top 6 features
Home ownership naturally involves a lot of property maintenance and upkeep. Boomers, who are in their late fifties to mid-seventies, may be looking for a more convenient lifestyle. Whether that be in the form of a walkable community with nearby shops, laundry facilities, and transport or a tech-enhanced building that empowers them to remain independent.
Community Access solutions, for example, enable residents to grant visitors access to the community’s front door without leaving the apartment.
A property is not a home unless the residents feel safe. Proptech, such as smart locks, reassure older residents and their loved ones, who may be concerned about safety when living independently. Keyless access solutions connected to an intercom system or even a video intercom feature add further levels of visitor verification for peace of mind and security.
3. Energy savings
The cost of living is rising, putting our most vulnerable, including seniors, at risk. It’s no surprise then that a huge part of the attraction of rental accommodation for boomers is the potential for less financial burden, including savings on energy bills. Downsizing and moving into a smart apartment also supports boomers in reducing their environmental impact, which trends suggest is a growing interest of this generation.
Monitoring technology, such as a smart thermostat, supports residents to keep track of and actively adjust their energy expenditure and consumption. Research shows that smart thermostats have the potential to save up to 23% on energy usage.
Smart Thermostat HDs also have in-built geo-fencing technology, automatically decreasing unnecessary energy usage when residents are away from their apartment.
4. Peace and quiet
Residents moving from owned houses, likely single-family homes, will be used to a quieter lifestyle. Maybe they’ve not shared a wall with a neighbor before and are worried about what life could look like in a multifamily community. Reassure potential residents by installing tech to support a comfortable lifestyle, including noise monitoring technology.
Recent years have seen greater adoption of tech for boomers in everything from their smartphones to smart home tech reliance. Not only can technology keep them connected to their family and friends, but the latter can be especially beneficial for the older boomers who require support to remain independent.
Aging-in-place amenities and automated tech solutions allow these types of residents to continue living worry-free or relying on others.
6. Less maintenance
Downsizing from an owned home to an apartment is likely to be a relief for many boomers. No longer will they have to upkeep the appearance and functions of a larger property, manage when services are due, or deal with an unexpected crisis like a burst water pipe. Instead, they can rely on you, the property manager, who depends on home automation tech for preventative maintenance and monitoring of HVAC and water systems.
Boomers are swapping owned homes for a more flexible, convenient, and independent lifestyle. Having witnessed the benefits of smart home technology, boomers flock to rental communities equipped with features like keyless accessibility, noise monitoring software, and energy-efficient technology.