Be Sure You’re Targeting Baby Boomers
Sure, the millennial generation is said to be the largest population segment that’s currently renting homes. They just aren’t ready or don’t want to purchase a home at the moment for one reason or another. Some aren’t financially ready to own a home. Others might not want the responsibility of keeping the home up themselves.
This may be true, but there are a lot of real estate investors that are not aware that the baby boomer generation are also renting a lot of homes these days. As such, it’s a good idea to include them in your targeted audience when it comes to marketing.
Who Are The Baby Boomers?
The baby boomers are a demographic of people who were born right after World War II. They range in ages from 53 to 71, with the total coming in at about 76,000,000 people. And, if you count those that have relocated to the USA from other countries, that number may be around 80,000,000.
You might already be doing this, but if you’re not, look for those listings that have newly expired or are about to expire on the MLS. Those homeowners may be ready to negotiate, especially if you go in using the subject-to strategy.
They don’t want the hassles of the upkeep of the home. It’s no secret that owning a home takes money for upkeep, and at times, a lot of money.
As people age, they don’t really want to contend with having to replace a roof or HVAC system. Interestingly, Freddie Mac did a survey of the baby boomer population and found that about 71% did not want to buy their next home. Rather, they wanted to rent, and they wanted to rent a decent home in a decent area. They’re seeking things like:
- Pleasant Amenities
- Great Landlords
Are You Targeting Baby Boomers?
The younger generations will surely be a big demographic for you to target, but don’t forget about the baby boomers. They’re seeking nice homes in nice locations, and they’d love a great landlord. And, keep in mind that some of these seniors will certainly be interested in a lease-option deal. Some of them may not have ever owned a home, but would be interested in leasing one with the option to purchase later.
Some say the rental market will be flooded with baby boomers within the next few years. As you scope out properties to purchase, be sure you’re thinking about this generation. If you come across homes in an area that you think will appeal to the older generation, such as one-story homes within walking distance to shopping area, consider getting some baby boomers in there.
Between the millennials and the baby boomer demographics groups, there’s no shortage of people to rent to, as well as sell to with a lease-option. Market to both segments of people and you’ll have no problem filling homes as rentals or selling them.