Why Do Baby Boomers Prefer Renting Apartments
Baby boomers have earned the reputation of being a market for rental properties. A 75 million-strong generation, the baby boomer demographic is essential to be tapped. But what really drives baby boomers to rent instead of purchasing their own home? Simply knowing that baby boomers are attracted to renting doesn’t make much difference – but deeply understanding the rationale, and making your rental property appealing to this market will help you benefit out of it.
We have studied reasons why baby boomers prefer renting apartments over owning a house. Here are four of the major reasons why this is so:
Renting is more convenient
Baby boomers find the convenience of renting a manageable space very appealing. When baby boomers were starting a family, the need for a big house is undeniable. A family would need a house with a masters’ bedroom, then separate rooms for the kids. But when the kids grow up and move out to start living on their own, there’s just not much need for a big house. It’s just easier to maintain a smaller house with just the basics. There may be times when extra space would be needed but this isn’t going to be a daily necessity.
With a small apartment, there’s not much to clean, not much to decorate, just enough to live simply and comfortably. It’s also easier to go around as apartments normally don’t have stairs inside the units – and we all know that when we age, going up and down stairs can be quite a challenge. A humble apartment really is just more convenient than a huge home.
They want to socialize more
A point we made in the first item is that kids grow up and would lead their own independent lives. Majority of the life of most would revolve around raising their kids and it would be a sad but inescapable reality that kids would soon grow up to be adults that need to learn to stand on their own. Since most of their time was spent on their kids and on their work, their social lives are not as stellar as when they were young adults.
Now that their children are living separate for them, and that most of them are retired, baby boomers would want to socialize more, and this is something that renting an apartment can provide. Living closely with different families, and a bunch of other seniors out there, baby boomers won’t feel so alone as compared to staying on their own property with not much to mingle with.
Also, a lot of apartments nowadays are located in full-fledged communities – near retail centers, churches, schools, banks, and restaurants, where seniors could socialize with a lot of different people.
It saves them more money
Another huge factor why baby boomers opt to rent over own at this time of their lives is that renting saves them a lot of money. First of all, opting to rent enables them to sell their old house and use the proceeds to invest elsewhere like a retirement fund or a small business.
Other than that, renting helps save money by keeping maintenance costs to a minimum because maintaining an apartment is way cheaper than maintain a whole house. Also, a lot of rental contracts include maintenance services so it would be easier to have broken appliances or fixtures repaired.
Renting an apartment can help seniors save thousands of dollar every year, and this is very important considering that they usually don’t have work anymore; thus, keeping expenses controlled is a must.
They want their family near to them
The last of the four major reasons why baby boomers prefer renting an apartment over owning their own house is that renting allows them to be near their families. We’ve repeatedly mentioned about children living their parents’ house when they grow up. A lot of baby boomers would want to stay with their children and their children’s families (or at least near them), and renting helps make this true.
Renting is very flexible and you could find a rental property almost anywhere they just need to hire a truck rentals or a moving truck and they’re ready to go. Their old home may not be able to accommodate all the new families, but living near each other is a good alternative. Just to see their kids, and their grandkids would mean a lot to baby boomers.
THESE ARE WHY BABY BOOMERS PREFER TO RENT AN APARTMENT
The four reasons identified above are some of the biggest reasons why baby boomers would prefer to rent an apartment than owning a home. If you are a property owner looking for ways to attract this bustling demographic, just transform your property into one that baby boomers find so attractive, and you’ll hear them knocking on your doors.