5 Secrets to Appeal to Boomers Who Are Looking to Downsize
- Feb 12, 2016
Move over, Millennials. You may have cornered the market on Instagram filters and man buns and crippling student debt, but the multifamily industry isn’t all yours. In fact, many Baby Boomers are downsizing from houses to apartments. There are many reasons for this—maybe they want to be in an urban environment, close to restaurants and entertainment. Or maybe they want to move closer to their grown up kids or grandchildren. Or maybe they just don’t want to shovel their driveway or fix their toilet anymore. Whatever the reason, you certainly don’t want to miss out on this important demographic during leasing season.
So what should you highlight at your apartment community to appeal to Boomers who are looking to become renters? Here are some ideas.
Storage Space. You acquire a lot of stuff living in a house. And it’s hard to get rid of stuff. (It’s why I won’t let my mom throw out my old Beanie Baby collection. But, in fairness, that’s my nest egg.) So, while people do want to downsize, that doesn’t mean they want to get rid of everything—their lives—when they move into an apartment. Do your units have a ton of closet space? Show that off. Even better if there is additional storage space in the basement or somewhere else that can be locked for security for renters to either use for free or pay an additional fee. Hey, that rhymes! Anyway, knowing they can hold on to some of their cherished mementos will definitely appeal to renters.
Parking. When you live in a house, you usually have a car. And just because you’ll be living in an apartment doesn’t mean you’ll want to get rid of Old Betsy. But no one wants to deal with street parking. If your community offers a covered lot or if each unit comes with an assigned space, that will easy a lot of potential residents’ minds. Also make note of any guest parking options offered, so they know that friends and family can easily visit.