How to Rent Your Investment Property to Seniors
As a landlord or investment property owner, it’s safe to assume you want your properties to earn you money. While there is a large market with different types of renters, it may be beneficial to look into how you can entice different age groups to your rentals — specifically seniors. As adults age, they begin downsizing and looking for places that have more amenities and less personal responsibility. This is where your rental comes in.
Senior renters often look for certain things as they shop around for a place to live. Having what they’re looking for will ensure more potential tenants will choose to live at your properties. Here are a few things to keep in mind when altering your property to be senior rental friendly.
Consider Keeping the Property Pet-friendly
Seniors often enjoy having the companionship of a pet. They also provide a sense of responsibility to keep them healthy and well, something a lot of older adults benefit from both mentally and physically.
Increase Safety Precautions
While safety is important to almost every tenant, it can be more so with seniors. Be prepared to show them the specific safety measures you’ve taken, like installing security cameras and providing lots of lighting within the units.
Provide Age-In-Place Features
Age-in-place features provide added safety, while also ensuring your senior renters won’t have to find a new place to live as they continue aging. Some of these features include under cabinet lighting, grab bars in the bathroom, and a front-load washer and dryer.
Renting to seniors can be very beneficial. Many are on a fixed income, making it easier to pay rent, while also typically living quieter lifestyles than younger renters. If you’ve decided to grow your businesses by trying to appeal to more senior renters, use the following age-in-place checklist to make sure you’re accommodating their needs.