January 25, 2018
Generation Tap: How to Market Your Property to Baby Boomers
Many property managers focus on promoting their buildings to millenials, and rightly so. But remember this: Millenials aren’t the only significant cohort on the rental market.
Baby boomers (those born between 1946 and 1964) are the fastest-growing group of renters, with thousands reaching retirement age every day until 2030. As they trade in their houses for rental units, they have more cash to spend and are looking to enjoy a more convenient, carefree lifestyle – one that includes a central, urban location and the best amenities available.
If you want to corner the market on this rising group of prospects, you need to let them know they’ll find the lifestyle they want by living on your property.
So what features should you advertise?
Maintenance-Free Living. For boomers, downsizing isn’t just about reducing material possessions; they want to spend more time on what matters to them and get rid of the rest. After decades of home repairs and upkeep, they’re ready to let someone else tend to the property and handle maintenance.
High-End Amenities. Most baby boomers have more money than their millennial counterparts, making them even more likely to seek high-end rental units with excellent amenities. Be sure to highlight your best assets: fitness centre, full kitchens, pool, rooftop terrace, etc. If you have concierge service or front lobby security, mention that as well.
Culture & Community. Staying young is a mindset, and boomers have fully embraced it. They’re looking for a vibrant, social way of life. Some may have lost their spouse and welcome the opportunity to meet new people close to home. Create a strong community on your property by organizing events or hosting cooking classes, and don’t be shy about marketing them. You should also promote the cultural attractions in the neighbourhood: restaurants, museums, theatres, shops.
Walkability. For some boomers, downsizing includes getting rid of their vehicle. Others prefer to limit their driving – for example, to avoid driving after dark or during bad weather. But whether by choice or necessity, many baby boomers have taken to getting around by foot. So let them know about nearby activities, centres and services. And mention how they can easily access public transit, for when they want to go farther afield.
Ample Storage. Trying to fit the contents of a single-family home into a rental unit can be a stretch. Yet many baby boomers aren’t ready to permanently part with the belongings they’ve spent a lifetime collecting. Advertise any in-unit storage or lockers they can use.
Sound Byte: Spread the Word Online
While baby boomers do trust word-of-mouth referrals, they’re also becoming increasingly tech savvy. Nearly all rely on search engines and email to research rental options. And increasingly, they look to social media as well.
Make sure you have a strong web presence on all the most popular platforms, including Twitter and Facebook. Post high-quality photos and videos, and make space for online discussion about features, amenities and community events.
How Property Vista Can Help
As baby boomers continue to age, rental demand will continue to grow, at least for the next decade. To learn how our cloud-based solutions can help you effectively market your property and close on leads, sign up for your free account today or give us a call.