The 3rd largest group of renters now fall in the 60+ age group. This has increased by over 42% over the last 10 years.
The aging tenant trend will probably increase over time. 60+ renters are the fastest growing group of tenants.
What’s Driving This
One obvious answer is the decline in home ownership. Many seniors are deciding to rent instead of buying or remaining homeowners. Reasons such as the cost of home maintenance, choosing to downsize etc. So, with the rise of senior tenants, what should you do to prepare for the next 10 years.
Housing Challenges for Seniors
Seniors face challenges that are unique to them. Challenges include the physical property as well as affordability and availability to medical services.
How To Prepare Your Rental Unit For Older Renters
- Consider non-slip flooring in key areas inside and outside
- Fix any trip hazards such as uneven walkways, and tiles
- Add ramps where needed
- If stairs exist, make sure you install handrails on both sides
- Make sure all entryways have proper lighting
The Senior’s Dream Kitchen
- Appliances with easy to read controls
- Low microwave and oven for easy loading (without having to lift)
- Open shelving
- Glass cabinet doors allow for viewing of contents
- Lazy Susan’s are a plus
The Senior’s Dream Bathroom
- Non-Slip flooring (inside tub/shower, entrance to the shower)
- Add support bars in showers/baths and next to the toilet
- Consider a fold-down seat in the shower
- Add shower heads that are adjustable heights and that include a hose for easy bathing
- Be sure to have proper lighting in the shower/bath area
Benefits to the Property Manager
- Stable tenants (not losing jobs, job transfers etc.)
- Inclined to be longer-term tenants
- Usually no criminal activity or disruptive activities
- Steady income (retirement, social security)
- Rental assistance programs may apply as well
The average age of renters will continue to rise. Being prepared as well as welcoming the elderly renters can be a win-win for all.
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