Why Attracting Baby Boomers Is a Smart Move for Your Kona Property
27 September 2019
Hawaiian Dream Properties
Baby boomers are reaching the age where they’re nearing retirement, or already retired. You might think of this generation as owning the family home into their later years, then leaving the house to their children when the time comes.
It’s a romantic idea, and it certainly applies to some of our aging baby boomer generations. However, when you consider that the youngest baby boomers are only in their 50s, they’d probably argue that they’re not old yet!
Baby boomers are a large part of the current rental home population. For a variety of reasons, this generation is choosing to sell the family home and simplify their lives within a rental property. Is your Kona rental property “baby-boomer-friendly?” If it’s not, you’re missing out on an excellent generation of tenants.
Why Baby Boomers Make Excellent Tenants
As a whole, Baby boomers are almost the ideal renter. They’ve owned a home for many years while they watched their kids grow up. They understand the responsibility of a monthly mortgage payment, they take good care of a property, and they’re financially stable.
These traits are many of the qualities you want in your best tenants:
Paying the monthly rent on time
Keeping an eye on your property (and letting you know when something is wrong)
Having the financial stability to afford your rental property for as long as they stay.
How can you find baby boomers to rent your Kona property? Make sure your rental is attractive to their generation first!
What Boomers Want
If you make your rental home inviting to baby boomers, you’ll find it’s also appealing to other generations of renters. From technology to amenities, many renters want what baby boomers want! The crossover is an opportunity to maximize the profitability of your investment while you prepare to live out your own Hawaiian dream.
Baby Boomers are young! They’re not what you might think of as aging grandparents who are one-step away from the “old folks” home.
This generation appreciates technology. Baby boomers might be closer to retirement than when they first started working, but they also probably taught their kids how to use their iPhones.
For your rental property, automate as much of your process as possible.
Make the rental application, rental payment, and maintenance requests available online.
Communicate through email and text.
Transfer documents electronically (and securely) with property management software.
Smart-home features also impress baby boomers. The more technologically convenient you can make their life, the happier they'll be. Another advantage of this is that it can increase the value of your property and grow your investment long term.
2. Pet-Friendly Homes
As empty-nesters, many baby boomers have and adore pets. They want a home that allows their faithful dog to help ease the emptiness of their nest. Baby boomers have sold the house where their family dog ran and played. Now they’re looking for a rental property with a fence and a yard for their adorable companion.
You don’t have to accept every type of animal to accommodate your tenants. However, having a pet policy that allows small breeds and provides clear expectations for your tenants with pets can help baby boomers find their way to your Kona rental property.
3. Things to Do, Places to See
As much as baby boomers want a comfortable home, they might not stay at home as much as you might think.
Baby boomers are enjoying the freedom of not having kids at home. They’re looking forward to retirement, or they’re already retired. Baby boomers have their eyes on transitioning away from the daily grind of having a job and saving for retirement. They’re leaving the workforce to enjoy that long-awaited retirement in paradise.
They have time to do and see things they’ve waited a lifetime to do. They’re active and busy! If your rental property provides convenient access to restaurants, coffee shops, parks, golf courses, beaches, and other activities, your tenants will love it as much as you will one day!
Let Your Slice of Paradise Shine
When you make your Kona rental property attractive to your ideal tenants, they will come! The right baby boomers could be the best thing to happen to your rental property investment. When you have reliable tenants living in your rental property, you know that it will be as well-cared for as if you were living there yourself.
Baby boomers appreciate a professionally-run rental property. Create an environment that appeals to this generation. You’ll increase the likelihood that they’ll appreciate your property enough to renew their lease! One way to ensure that your future retirement home is managed professionally is to partner with local Big Island property management. If you live on the mainland, partnering with a home rental company in Hawaii is essential to ensure you are kept up-to-date on the health of your property.
A Property Management Partner Is Your Key to the Big Island
If your property needs some work to catch the eyes of baby boomers, an expert property manager can help. We know the best features to attract tenants, regardless of the generation.
Hawaiian Dream Properties offers online convenience for tenants to apply for your property, pay the rent, and make maintenance requests. We also understand that not all baby boomers (or other potential tenants) are whom they say they are on paper! Hawaiian Dream puts every applicant through a careful screening process—including pets. This takes tremendous pressure off of you as the owner, especially when you're trying to manage your retirement property long-distance.
Your ideal tenant should be the right fit for your property. Excellent long-term tenants—baby boomers or otherwise—are found through the screening process. If you're ready to entrust your Kona retirement dream to a professional property manager, let's get started with a FREE property analysis!