Retirees often downsize from family homes to smaller rental properties. This fact makes senior citizens a significant body of potential tenants. In many respects, seniors make desirable renters since they are often quieter, less prone to recklessness, and are more experienced property caretakers. But the senior population also requires specific considerations from their landlords. Here are some factors to keep in mind when renting to seniors:
Know which laws apply. Numerous federal, state, and local laws address issues relevant to seniors, such as age- or ability-based discrimination. Research the applicable laws and be diligent in protecting the legal rights of your elderly applicants and renters.
Choose the right location. If you want to purchase property that appeals to senior tenants, keep in mind that they value peace, quiet, and privacy. In addition, retirees like being close to amenities they’ll frequent, such as grocery stores and medical facilities.
Make safety a priority. Mobility challenges are much more common among older tenants, so be sure your property meets all local safety requirements. In addition, walker and wheelchair accessibility, handrails on stairs, non-slippery floors, and grab bars in showers contribute to your renters’ safety. Finally, keep emergency contact information on file, so you know whom to call if a tenant needs assistance.
Consider allowing pets. Many seniors living alone enjoy a pet’s companionship and emotional support. You can minimize the risks of allowing pets on the property by having guidelines in place regarding the number, size, and type of animals permitted. Rules should also require tenants to keep their pets clean and non-disruptive.
Exercise patience and flexibility. Elderly tenants may miss rental payments for a variety of causes. For example, many retirees rely on income from social security or a pension, which may not arrive in time to meet a rent deadline. In addition, memory loss or other health factors may complicate a senior’s ability to fulfill his obligations. Consider offering reminders to make it easier for older tenants to keep up with rental payments. If problems persist, helping elderly renters apply for financial aid or locate more affordable housing demonstrates more compassion than proceeding with eviction.
With the right mindset and accommodations, seniors may be the best fit for your rental property. In fact, they may be the most considerate tenants you’ve ever had!
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is wholly dedicated to property management, and we’re here to help landlords navigate the rental market.
