Older adults, such as seniors and retirees, can make some of the best tenants for your property investment. There are some special considerations to take when setting up your property rental for older tenants, but the outcome is ultimately ideal. It would also give you an edge over other Landlords/Property Investors and Managers who are more keen on attracting younger tenants.
Why should you attract senior tenants?
Retirees have a steady source of income and are considerably wealthier than, for example, a young family or university students. They may go for a more luxurious rental, but more importantly, you can rely on the fact that you won’t have to look for a new tenant every few months. Generally, older folks are quieter, making them ideal tenants and neighbours. They also usually don’t live with small children or pets and are not prone to throwing rowdy gatherings that may cause noise issues.
What do senior tenants want in a home?
Safety and accessibility are typically the most important factors of any home for older tenants. A ground floor rental with easy access to a lift and nearby parking is one good example. They’ll also want to make sure security systems are in place or that they’re in a safe neighbourhood.
Pathways should be paved and if there are any raised areas, there should be ramp access. Wide doorways are also especially useful. Installing bars in the shower and near the toilet would be highly appreciated by seniors as well as bench seating in the shower. Reconsider putting in a bathtub, since that can prove to be slippery and accident-prone. Ensure there is enough lighting, both indoor and outdoor. You may even consider motion-sensor lights so your tenants won’t have to fumble for switches in the dark.
Rentals inclusive of certain amenities and utilities would be attractive to older tenants. These would include: air conditioning, cable, broadband, internal laundry, and even yard maintenance.
An extra room for guests is also advantageous. This would be for visiting families or a space to be used as an office. And, just because your tenants are older and quieter, this doesn’t mean they don’t like to be social. A nice living space or a well-kept outdoor area for gathering can be great for entertaining.