For years, the renter population has been more youthful than ever before. This is understandable, as many Generation Zers and Millennials rent to have the flexibility they need to save for their first home.
Surprisingly, however, this is the fastest-growing demographic of renters: The Baby Boomers and those with smart homes can attract the latest renter cohort.
Boomers are selling their homes and cashing in on the real estate market that is nearing its peak just before the Great Recession.
Many are choosing to rent instead of purchasing new homes with the profits. This is either to avoid an overpriced market or to enjoy flexibility and amenities they may not be able to afford to buy at current prices.
Many of the most desired amenities for Boomers revolve around “aging in place,” the practice of altering a home so that older occupants can live comfortably there as long as they wish.
Many Boomers cannot afford to live in nursing homes or other professional care facilities. A comfortable rental can be the best and most economical option.
AssistedLiving.org states that aging-in-place modifications include wide, wheelchair-friendly doors, ramps at entry and exit points instead of stairs, safety bars, and strips to prevent slips and falls in bathtubs and showers, as well as flooring modifications to prevent slips and trips.
Many Boomers are looking for these modifications in a rental property as they can be costly to make to their homes.
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Another set of features that will grow in popularity among Boomer renters is accessibility and aging in place.
Digital natives, or Gen Z, are often thought of as the largest consumers of smart home technology. Smart home devices can offer small benefits that are even more appealing to the elderly, but they still have their advantages People.
Smart home devices provide as much comfort, convenience, and safety for older people than they do for younger occupants.
While many seniors can live alone, a simple accident or fall can cause serious injuries and even death. Common areas, such as the living room, have cameras that allow loved ones and caretakers to check in on seniors and ensure they are moving around.
Many options also allow for two-way communication, even if the resident isn’t answering their phones or picking up their mail.
These devices can save lives in an emergency situation. They are even more crucial for those with dementia who wander away from their home. Monitoring of life safety systems, such as smoke alarms and security systems, can provide additional protection for seniors.
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Senior citizens are often on fixed incomes, so it is important to save money on utilities. According to the U.S. Energy Information Administration data, U.S. households spent an average of $115.49 per month on energy in 2019.
Heating and cooling amount to nearly half of that expense, which is why smart thermostats represent a good investment.
These energy-saving devices can reduce a home’s heating bill by up to 12% and its cooling costs by as much as 15%. Smart devices can also adapt to the resident’s needs and adjust the temperature while the house is empty. The savings are automatic and do not affect comfort levels.
Saving money is nice, but convenience might be even more important for older residents who aren’t as mobile as they used to be. “Curb to-couch” technology, such as keyless entry, can be used to allow Boomers to let guests or deliveries in without needing to go to their front door.
Voice assistants allow Boomers to adjust the thermostat, turn on their TV and listen to their music without ever needing for them to get up.
Wearable devices also allow residents to have voice assistants at their wrists, which can help them monitor vitals like blood oxygen and pulse. Although these technologies may not be groundbreaking, they can make a huge difference in a senior’s life quality.
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Property owners need to take steps to appeal to Boomers, who are looking for smart home technology to save money, make their homes safer, and be more convenient. Boomers don’t want to have to fiddle with complicated devices. You can offer “set-and-forget” tech to the Boomers.
These devices are the basic smart home technology that a property owner needs to install before a resident can move in. These devices also offer a basic set for aging-in-place and allow residents the ability to add additional devices such as interior cameras, wearables, and voice assistants.
These “asked for amenities”, which are included in your smart home suite, will attract boomers and older millennials.
Thermostats: Help residents save money and keep them comfortable.
Leak sensors: Monitor common leaks such as dishwashers and toilets to prevent major damage and mold growth that could pose a threat to your health.
Water flow devices: Low-pressure leaks should be addressed immediately. They can lead to high water bills and even displacement.
Touch screen control: Provides reliable connectivity through cellular, improves control using an easy-to-use touchscreen and allows for optional services such as monitored life safety.
Curb to-couch keyless access: Allows residents to easily grant access to service providers and guests. A complete access history ensures transparency and security.
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Property managers can use a baseline investment in smart home technology to attract potential renters.
Choose a smart platform for a property that offers the services and products you need to make a unit flexible and appealing to many different residents.
Smart technology choices could make the difference between a happy-occupied property and a frustrated vacancy for owners as Boomer renters increase.
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