The Baby Boomer generation is proving once again that they're anything but predictable.
In fact, Boomers are one of the fastest growing groups of renters in the country, and their numbers are expected to grow upwards of 12 million by 2030. While many Boomers are moving into rentals to downsize, others want the flexibility to move to stay close to children and grandchildren.
Whatever the reason for leaving homeownership behind, Boomers have unique needs as renters. Whether you are looking to rent or helping a senior family member find a new home, here are five considerations that you should take into account when looking at a rental.
One of the greatest benefits of renting is that you are not responsible for maintenance and repairs. When you are looking to rent an apartment or home, make sure that all maintenance is included in the rent, especially if there is a garden or yard that requires upkeep.
If you plan to make the rental a long-term home, it's important to think about how the home will "age" with you in terms of accessibility. Are there a lot of stairs or an elevator? Are cabinets and other storage spaces easily reachable? Is there a shower that can be easily stepped into?
Style and high-end finishes
When making the switch from homeownership to renting, it's important to feel comfortable in your surroundings. Apartments or houses that feature quality finishes on cabinets, countertops, and fixtures can make the transition from homeowner to renter easier. Just because you are renting doesn't mean you need to sacrifice quality or comfort.
Just like renters in their twenties, Boomers are often looking for places that have access to art, restaurants, and local events. Look for a home that is near the action so you don't have to go too far to join in on the fun.
Low maintenance is the name of the game when it comes to Baby Boomer-friendly rentals. When looking at a place, make sure the appliances are updated and efficient so you're not having to deal with constant breakdowns and scheduling repairs. The less you have to be on the phone with the landlord, the more you can enjoy the flexible lifestyle of a renter.
If you're looking at an apartment community or complex, be sure to check out what events or socials they offer. Many property managers are responding to the growing number of Boomers in their rental communities and planning events for tenants of all ages.
If you've lived in a home for several decades, you might feel as though you're leaving a community behind, but there's no reason you can't build a new one. Barbecues, pool parties, and socials aren't just for millennials - at least not anymore!
Now see the 13 features new homeowners desire the most: