New Emerging Market
Baby boomers are still the largest generation but most have reached retirement age. Many of whom have different housing needs than millennials. If you manage a multi-family apartment building, rehabbing them to take advantage of the baby boomer market could provide lucrative income. But you have to understand the needs and desires of retirees. At Complete Conversion Services, we can help you turn your apartments into exactly what the older generation is looking for.
Understanding What the Baby Boomers Want
Unlike millennials, who tend to look for apartments close to their jobs, most baby boomers are downsizing from a house and prefer a location near amenities and activities they need and enjoy. Many of them are also financially stable and can afford to pay the necessary price to get everything they want. Look at the locations of your properties. Downtown urban areas are appealing to baby boomers since they’re within walking distance to shopping centers and theaters and have easy access to public transit for longer trips.
The Type of Building That Fits Best
Another advantage of downtown properties is that many of the buildings were built in the 1970s or earlier. These properties are often located near main avenues and intersections. They have an older architectural appeal that many baby boomers are drawn to.
When rehabbing an older building, they usually have larger rooms than many modern apartments. A typical two-bedroom, old-style apartment can easily be rehabbed into a three-bedroom. Baby boomers tend to like more space and an extra room is always an attractive feature. That way they have the space for kids or grandkids to sleep.
If you manage a multi-family apartment property and would like to tap into the fast-growing baby boomer market, Complete Conversion Services can help you rehab your properties into exactly what the typical retiree will be willing to pay for. Contact us at 410-437-8461.