One of the fastest growing demographics in the country is adults that are 65 and older. By 2050 the population of who are 65 and older is projected to be more than 83 million , almost double the amount from 2012. , the quality of life and life expectancy for seniors is expected to continue to improve (source). Those 65 and older represent a growing rental market that comes with several benefits to landlords. Elderly tenants are more likely to have stable, consistent income from pensions or social security and therefore are more likely to pay rent on time; they tend to stay in rentals for extended periods, so less tenant turnover and they are less likely to damage the property or conduct illegal activity. However, when renting to the elderly, it is important to ensure that you accommodate them and follow some simple steps.
Watch out for age discrimination. Under the Federal Fair Housing Act, you cannot discriminate against any individuals based on age. Therefore you cannot refuse younger renters over older potential rentals. However, if you are interested in only renting to seniors, you may be able to get an exemption under the Housing for Older Persons Act.
Improve the safety and accommodation of the rental. Aging adults may have or develop disabilities. Therefore, it is essential that rental properties for seniors include certain accommodations like wheelchair ramps, shower rails and general protection against slip and falls.
Advertise. The best way for you to get your property on the radar of seniors is to advertise it effectively. Local community centers and classified advertisements where you discuss the benefits of your rental to seniors may be helpful in acquiring senior tenants.
Renting to seniors is likely going to become big business in the coming decades as baby boomers move from houses into more manageable apartment based rental units. If you are interested in being part of this boom make sure your rental property is marketed correctly and can accommodate senior living.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.