What kind of rentals attract senior tenants?
I was asked a question in another thread and when I started to answer the question, I realized it was a topic that was quite deep and may be good for a separate discussion....
Originally posted by @Brian K.:
@Marcia Maynard what kind of rentals do you have that you attract seniors?
When I think about it, it must be a combination of factors. For starters, we have great respect for our elders and know how to provide an environment that is comfortable for them. Some find us by word of mouth. Some stay long enough in our properties to become seniors! Out of 15 units, we currently have seniors (age 65+) in five of them. We have had some senior tenants who have moved on to assisted living or have passed away.
Some things to keep in mind when working with senior tenants....
1. Speak clearly, slowly, and loud enough to be heard. As we age our brains can not process speech at as fast a speed as when we were younger. There is good reasoning inherent in the American Indian cultural norm of respecting elders and knowing "the slower you speak, the more respect you show." Hearing loss is also quite common with aging.
2. Show an interest in who they are, the contributions they make to the community (past and present), and their legacy.
3. Be flexible and willing to do some things the "old fashion" way, such as talking to tenants in person or on the telephone, instead of requiring communication by texting and email. At times, write an letter or send a card through regular mail. Accept rent in a way that meets the needs of the tenant, such as by check or money order, instead of insisting on rent being paid electronically or online.
4. Respond favorably to changing needs that come with aging as regards the living environment.
TOILETS - We will offer to change out standard height toilets to those that are chair height. Some call these toilets ADA height or comfort height, but we prefer to use the term chair height, which is a term being used more often in the industry. If the space allows, we will also choose toilets with an elongated seat vs. round seat.
HANDRAILS & GRAB BARS - We will allow for the installation of attractive handrails and grab bars. We work well with social workers/OTs/PTs who may be involved in the selection of the items and/or help cover their cost. We will offer to assist with the installation or even proactively provide such if we see the tenant would benefit.
FLOOR COVERING - As the need arises, we are willing to change out floor coverings to better accommodate shuffling feet, walkers, wheelchairs, and scooters.
ONE LEVEL & EASY ACCESS - Most of our properties are one level and have no more than two steps for entry. Also, we offer on-site parking near the unit and level pathways from the parking area into the unit.
BUS STOPS - Close proximity to public transportation for those who don't drive.
AFFORDABILITY - We strive to keep our units affordable. Many seniors are on fixed incomes, so we take that into consideration when we need to raise rent.
SAFETY & WELL BEING - We will check in on tenants and their needs from time to time. When the weather turns cold or when the weather turns hot, we will check in to make sure the unit temperature is maintained at a comfortable and safe level. We will go the extra mile to accommodate real needs, responding to urgent matters of a personal nature at times. We also keep an updated list of community resources and provide that information to our tenants when appropriate.