“Baby boomers” and millennials continue to fuel the urban apartment surge. While many multifamily properties gear up for the millennials by installing modern technology, the rest of the market should consider appealing to our protected class of boomers (tenants that are 55-75 years old) who will soon make up the majority of potential tenants as they continue to downsize to apartments.
Unlike other age groups, for baby boomers, renting an apartment is usually a choice. Maintaining a large household is often unnecessary and consumes too much energy. Application standards for apartment living are still significantly stringent but not something many in this age group have to be concerned about. Downsizing to an apartment just seems to fit this phase of life best as they enjoy the years that lead to retirement and rediscover life after the kids have gone.
Fastest Growing Renters
Empty-nesters of all socio-economic backgrounds are trading in their suburban home for an urban high-rise or a comfortable and convenient multifamily apartment. According to the Urban Land Institute’s latest Emerging Trends Report the upswing in downtown urban living was due in large, by the older generation. The urban rental population grew by 10.3 million for ages 55-64 and by 4.7 million for ages. The Federal National Mortgage Association forecasts that 13 to 14 million baby boomers will end their homeownership status between the years 2026-2036–even referring to is as a “mass exodus”.
If you’re committed to paving the way for the influx of renters coming to your direction, here are some of the exclusive insights we’ll continue to share as a surge of boomers downsizes to apartments.
Maintaining Their Lifestyle Through Amenities
The recent trends show renters of all ages are downsizing, making big homes less essential. Renters across the board are looking less for space and more for amenities. For baby boomers, a sense of community is even more important. After the kids have left and they’ve discovered newfound hobbies, as it should–downtown becomes a priority. It is important to note, however, that many empty nesters are retiring later in life. Even so, the difference in lifestyle and living needs aren’t all that different between older millennials and baby boomers.
Baby boomer tenants might not be asking you about the wifi speeds but are inclined to demand the most necessary amenities including the following.
Health Center – Efforts to increase agility and mobility aren’t limited to young athletes. Baby boomers are looking to get their cardio and strength training done regularly. Be sure to include classic machines and not just modern ones that would intimidate or confuse the average user.
Adequate Onsite Storage Options – Baby boomers have witnessed their fair share of national economic hardships. They take incredible pride in being able to bounce back from the recession and work hard to maintain their lifestyle. The last thing they want to do is have to sell or give away a large portion of their possessions when downsizing which is why adequate onsite storage is a necessary amenity.
Multifamily residents favor Bradyl Storage because of its accessibility, efficiency, and security. The Bradyl Box, our over-car locker, offers a storage space that can conveniently house automotive accessories, outdoor gear, and personal items a tenant may want to keep nearby. Bradyl Box is a free-standing, lockable storage unit that sits at the head of a parking space, over the hood of a parked car, allowing residents to store a large number of their belongings in a 24/7, convenient and secure location. Or, for residents who may want to keep even more of their belongings nearby, is the Bradyl Bin. The Bradyl Bin is an ideal way to replace the large garage many boomers are giving up in order to downsize to apartments.