Renting an Investment Property to Baby Boomers: What Attracts the Best?

Renting an Investment Property to Baby Boomers: What Attracts the Best?

Are you a Baby Boomer?

Property owners love the model Aurora-area tenant who keeps the property clean, renews their lease every year and doesn’t drawing noise complaints. Baby boomers in their 50s and 60s often have reliable income from their jobs as well as Social Security. Many baby boomers have been home owners in the past, but want to rent in Aurora. If you own an  investment property in Aurora, it’s likely you’ll rent to a baby boomer at one point or another. A reputable Colorado property management company that has experience working with tenants of all ages can guide you in fixing up your investment property so it appeals to boomers. According to a piece by Wells Fargo on buying or renting in retirement, more than 2 million baby boomers intend to rent in retirement. Boomers hear various reasons for which path they should take in terms of housing choices.

Enjoying an elevated lifestyle

Renters can sometimes find rental upscale condos, town homes or single-family homes in desirable neighborhoods where they can’t afford to own a home. Since they may be used to custom countertops, hardwood flooring and marble countertops in the homes they have owned in the past, baby boomers aren’t going to be as attracted to rental homes without any bells and whistles. They are attracted to the idea of someone else handling the maintenance and repairs, which is why it’s financially beneficial to have a good property manager who uses licensed, bonded and insured companies to do the work.

Simplifying their finances

Another reason some baby boomers choose to rent is because they don’t want to take on any new debt in the form of a 30-year mortgage. In the past, retirees entered retirement with a paid-off mortgage, but that’s not as common today. Baby boomers have unprecedented credit-card and other debt. An article by the Los Angeles Times reports older homeowners owed a median of $79,000 in 2011 compared to $43,400 in 2001, a figure adjusted for inflation. As a property owner, you can take away some of the financial stress and unpredictability of homeownership.

Whether they rent or own, baby boomers have higher expectations than any other group of people. A study by Better Homes and Gardens Real Estate found that 70 percent of baby boomers intend the home they retire in to be the best. Renting to baby boomers can be a positive scenario with the right property manager to respond to their requests in a prompt and professional manner.

At Legacy Properties-PM, we take pride in being a member of NARPM, the National Association of Residential Property Managers. If you are looking for a residential property manager in the Aurora-area including Denver, Lakewood, Parker, Littleton, Highlands Ranch, Centennial or Cherry Creek, please call 720-989-1996 or contact us.