Property Management | Most people think of renters as young professionals, just out of college, starting their adult life or people who cannot afford to own a home. However, this ideology is proving incorrect as older Americans are selling their homes and choosing to rent instead. Rental property management in Charleston, South Carolina can see rental homes occupied quicker than ever if they market to the over 55 demographic.
Why Are Older People Renting?
The Harvard University Joint Center for Housing Studies concluded that the Great Recession has a huge impact on the housing market and rental market for people over 55. The findings of their study showed that home ownership from 2005-2015 declined 6% among 46-55 years old and the 56-65-year-old demographics. No longer able to afford their homes or forced into foreclosure, much older American’s were forced to start renting.
Now that home prices are back on the rise many older Americans are taking the opportunity to sell the homes they have invested in now that they no longer need the space. The extra cash from selling their homes can pay for years of rent on a smaller home and put money into savings for retirement, traveling, fun, or trusts for their next of kin.
Why You Should Rent to Older Tenants
Rental property management in Charleston should market towards seniors because this demographic is more often financially stable, settled, and in a better position to take good care of a home for a long period. Older renters are also less likely to move out after their lease is up and will sign long term leases on places they love that also meet their needs. Tenants age 55-65 also have much more disposable income as their children are typically now grown up and rent payments can be consistent and on time.
If you are curious about how you can find rental property management in Charleston, contact Scott Properties today!