According to a recent survey Baby Boomers are planning to retire earlier than before – at an average age of 63.7 today rather than age 65 in 2013. One-third of these retirees will be selecting a new home specifically for retirement, either by purchase or rent. 33% of them will be downsizing and be moving to a specific location – near family and a relaxed lifestyle.
In certain areas that Boomers are moving to there is a huge opportunity in real estate for downsized housing meant for retirees. Most of the neighbourhoods and districts that are built around this theme have peaceful lifestyles with stable home prices and plenty of public amenities to attract the best clientele from around the nation.
All they need is someone to sell or rent them the dream! Revenue streams that could be a real possibility for property owners and property managers include the following.
Multi Occupancy – Retirees usually need much less space than families and first-time homebuyers. They can also be usually quieter than the average tenant. A property owner may be able to rent a granny flat or split residence.
Property management – Retirees can be some of the best-behaved tenants and homeowners a property manager could ask for. If you’re a professional manager who is looking for a good opportunity to make money at scale, focusing on retirement properties could be a great option for you.
Helping retirees find the perfect home – Many Baby Boomers want to live near family, golf courses, and parks. Property managers who can help retirees find homes, or apartments like these will have a huge opportunity as the Baby Boomer class retires – in very large numbers in the coming years.
As a property manager, looking for ways to make your properties more attractive to retirees or even soon-to-be retirees might find you some strong resident retention in the years to come.