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Leasing to Baby Boomers

Leasing to Baby Boomers

An article on how to lease to Baby Boomers is a shift isn’t it, from the normal focus on Millennials. Now some of you are thinking, “It’s about time we stopped focusing on those Millennials!!” While others of you are thinking, “Why would we focus on Baby Boomers?? They already own their homes!” The truth is while Millennials will continue to be a major force in the rental housing industry for years to come, Baby Boomers are still a crucial component of your success too. Did you know that over five million Baby Boomers (including current homeowners), aged 55 and over expect to rent again by 2020. (Source: FreddieMac) If you think about it, this makes perfect sense. Many Baby Boomers have spent many, many years working hard, climbing the corporate ladder, raising children, while pursuing the “American Dream” of owning a home. And now many Baby Boomers want someone else to take care of things so they can enjoy the lives they’ve worked so hard to create. So what can you do to attract Boomer renters? I’m going to focus more on the “people” aspect here, since you may not be able to do something about the product or the price, depending on what you do at your company. But, you can control you, right?   So here is what you need to know. First, I want you to watch this classic Chrysler commercial with Ricardo Montalban…. Did you see how they compared a Chrysler to a Mercedes-Benz and Rolls-Royce at the end? What about the reference to “C......
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The Baby Boomer Rental Boom: What All Residential Property Managers Need to Know

The Baby Boomer Rental Boom: What All Residential Property Managers Need to Know
Approximately 10,000 Baby Boomers have turned 65 every day since 2011 and will continue to do so until 2030, according to data from the Pew Research Center. The aging population is anticipated to have a sweeping impact across various aspects of society—from healthcare to the economy. One particular sector set for major change in the near and far-off future? The residential property management market. Let’s take a closer look at what we can expect to see, along with key takeaways for residential property managers. Move Over, Millennials According to recent findings from Harvard University’s Joint Center for Housing Studies, the number of households age 70 and over is expected to skyrocket by more than 8 million—or 40 percent—between 2015 and 2025. And while a significant amount of buzz surrounds the perception that home ownership-resistant Millennials are driving the rental market, this may not be entirely accurate given additional Joint Center for Housing Studies data revealing that more than half of today’s renters are in their 40s and older. Says the report, “In mid-2015, 43 million families and individuals lived in rental housing, up nearly 9 million from 2005—the largest gain in any 10-year period on record. While households in their 20s make up the single largest share [of renters], households aged 40 and over now account for a majority of all renters.” Specifically, while the number of rentals to people under the age of 30 grew by one million units over the past decade, rentals to people in their 50s and 60s great by 2.3 ......
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Marketing Your Property to Kids of the Baby Boom

Marketing Your Property to Kids of the Baby Boom
Marketing to Baby Boomers is understandably a primary focus of many property managers. Numbering more than 76 million, Baby Boomers cut their teeth on a postwar America that taught them to let loose through “free love,” value their independence from family, and question authority. They’ve been through some of their own hard times, especially in the job market, and they don’t trust modern branding. The challenge with Baby Boomers is not getting their attention, so much as it is keeping it. AccountingWeb says today’s “marketers now are finding that this demographic is market-savvy, consumerist, and are happy to brand hop thanks to the fact that they came of age in the swinging sixties when novelty and experimentation were favored over conformity and tradition.” This means that you might earn their favor, but developing their loyalty will require that you go above and beyond. Think: continuous property improvements. As they age, kids of the Baby Boom still value their freedom. Their families may be encouraging traditional nursing homes or assisted living facilities, but a savvy multifamily property manager can provide a less-restrictive alternative that doesn’t carry that “old folks’ home” stigma. To reach Boomers, you’ll need to tap into digital marketing channels. A recent DMN3 study revealed that 96 percent of Baby Boomers use search engines, 95 percent use e-mail, and 92 percent report shopping online. Craft a digital marketing plan that pays close attention to: Regularly updated SEO efforts, so that a Boomer can easily find your property by name, location, or amenities. Evolving......
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Florida + Multifamily = A Lot of Happy Investors

Florida + Multifamily = A Lot of Happy Investors
With all the activity taking place across the country, multifamily real estate investors are beginning to seek out their next strategic move and it looks like the opportunities in Florida are garnering a ton of fresh attention. According to the American Action Forum, the housing markets in Florida have seen statewide price increases while experts over at Colliers report multifamily vacancies are down to 5.8% with 2,500 units currently being constructed. Some of the biggest draws in multifamily for investors entering the Florida market include some of the country’s highest job growth rates and signs of a strong demographic push by both the younger and older populations. During the recession, employment opportunities dried up alongside many Americans’ retirement savings. These factors have led to an abandonment of the dream of ownership for the simplicity and value-added idea that is renting. In markets like Orlando, the fact that 25,000 new jobs have been added in the last year to lead to a decrease in unemployment, is attracting these workers into the bigger cities from the smaller surrounding areas. Following the same post-recession trend we’re seeing take place across the country, the Millennials and Baby Boomers are choosing to rent and are now doing so at a higher rate than the national average. The key to investors succeeding in this new market trend seems to lie in the quality of the products being produced, the interpreted level of customer service received, and the perception that these would-be tenants are getting more bang-for-their-buck. These elements are becoming increasingly important to fo......
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