When renting your property, the type of tenants you want to attract plays a significant role. Indeed, factors such as the location of the property, its size, and the local amenities can help you to define your target tenant audience. For instance, a multi-bedroom apartment in the vicinity of a university is likely to find tenants among the student community. On the other hand, the same property in a different part of town would be more suitable for families.
The main objective for a real estate investor is to select rentals with the most-suitable tenancy potential. Maintenance costs and duties vary greatly depending on the type of tenants in the property. Student properties are more likely to keep their tenants throughout the duration of academic studies, which on average last three to five years. Families, on the other hand, tend to stay approximately twice as long as students.
Landlords who are looking to secure long-term responsible tenants need to make rental properties more appealing to older tenants.
More likely to be responsible
Running comprehensive background checks on your tenants is necessary to avoid dangerous individuals who might put your property or your rental business at risk. The criminal history of an individual is significant, especially if it reveals recent arrests regarding sexual misconduct or terrorist activities. A landlord should be mindful, however, that youth crimes that have not been repeated since are not a fair image of how an individual is. The senior population is less likely to be criminally involved. From a landlord’s perspective, law-abiding demographics reveal that the signs of responsible behavior are prominent in old age.
Switch out doorknobs for lever door handles and add railing to all stairs inside and out.Click To Tweet
Safer in a community environment
Senior tenants prefer to be part of a local and active community. Indeed, for real estate investors, the objective is to consider homes for sale within an established community that guarantees that your tenants have access to everyday facilities. Necessary health check appointments and routinely grocery shopping are some of the most common events of a senior lifestyle. Ensuring that your property is in walking distance to doctors, shops, and other amenities such as a banking institution, makes a significant difference to elderly tenants. Additionally, an integrated home in a vibrant neighborhood can also play an active part in keeping your tenant involved in their community and health. More often than not, neighbors are keen to check on each other in such environments.
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Need adjustments in the long term
Mobility issues are a reality in old age. For many seniors, maintaining their independence and quality of life in old age is detrimental to their physical and mental health. Unfortunately, managing mobility issues can become challenging in a space that isn’t suited for the purpose. It can be easier, for senior tenants, to consider single-story rentals, such as bungalow homes and apartments, that eliminate the problem of stairs. Alternatively, property with stairs can support old tenants with the addition of a stairlift. Additionally, safe and broad passages are primordial to provide full accessibility to deteriorating tenants who might need a mobility aid.
In conclusion, renting to the senior population requires dedicated property management. Supporting tenants into old age, both within the community and the home can make a significant difference to the duration of the tenancy agreement.
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