With the Mortgage Bankers Association’s (MBA) recent housing study shedding new light on the future face of the Multifamily Industry, you should start strategizing who you market your properties to. According to the study, the MBA predicts that by 2024 between 13.9 million and 15.9 million additional households will be formed, with 12.3 to 12.9 million households age 60 and older. Alongside the projected surge of Hispanic and Millennial renters and owners, the MBA expects that if the current post-recession trends hold, you’ll see a lot more Baby Boomer applicants over the next 10 years. This aligns with the Administration of Aging’s predictions as well, insisting that by 2040, the population of seniors ages 65+ is expected to grow to be 21.7% of the total population (whereas in comparison 14.1% of the population were 65+ in 2013). While showcasing your community to senior applicants might not be your current focal point, by just highlighting a few key areas, you’ll be able to reap the rewards in the long run.
Showcase Your Local Amenities
If you aren’t already, start showcasing your local resources in your listings. While seniors and other potential applicants will both equally be attracted to your property’s locality, resources that are close enough to walk to are especially desirable to seniors. When writing your listings, highlight if you have easily accessible public transportation, medical facilities and convenient local options like grocery stores, movie theatres, local shops, and dry cleaning services. The closer it is, the easier it is to attract seniors.
Stress Senior Safety
A big factor that attracts 65+ renters has to do with safety. If your neighborhood is in a relatively safe area, advertise that. Have any nearby parks or rec centers? Make sure to put that on your listings. The knowledge that your community is safe will attract not only seniors, but families as well. Alongside neighborhood safety, your 65+ applicants want to know if your community is ADA accessible. While ADA guidelines differ based on when your property was built, if you have ADA features, like wheelchair accessibility, then you should promote it.
Great Service – As Always
It’s important to note that even if your property’s location and overall safety align with a senior’s interests, there’s a lot of competition when it comes to housing marketing to seniors. So the big question is: how do you stay in the running amongst your competition? Through great service.
As cliché as is it may seem, it works. No one wants to live in a community that doesn’t take their needs seriously, especially seniors. This doesn’t mean you should start offering meals and cleaning services. Just do what you can do to make your senior renters happy. If they need meal or cleaning services, offer up a list of suggested providers. If they need transportation services, help them figure out your area’s public transportation routes. While other senior housing might offer extra services, go the extra mile and build a good relationship with your senior residents. Service is the one thing you can’t buy.
With consideration to the projected housing boom, it might be worth it to invest in upgrades that cater to seniors and millennials over the next ten years. However, you don’t need to implement anything fancy. As long as you maintain and strengthen core practices of good advertising and service, you’ll attract applicants no matter what.
What are some of your secrets to successfully attracting applicants? And what are some of the things you do to build a relationship with your current senior residents? Let us know in the comment section below!