Should you be targeting Baby Boomers for your Tracy California Rental Property?
Thanks to modern medicine, and the desire to continue living their lives as they once did, Baby Boomers (age 65 or older) are working longer and they no longer own Real Estate like their parents and Grandparents did.
About Baby Boomers
Why are Baby Boomers these days renting instead of owning Real Estate? Most Baby Boomers who don’t own Real Estate lost their homes after the recent housing market crash while others lost their retirement incomes.
Regardless of the reasons why Baby Boomers are renting vs. owning Real Estate you should be targeting your marketing to Baby Boomers when you have vacancies in your Tracy California Rental Property.
Baby Boomer Statistics
- Baby Boomers have always had an outsized presence compared with other generations. They were the largest generation and peaked at 78.8 million in 1999.
- There were a projected 75.4 million Boomers in 2014. By midcentury, the Boomer population will dwindle to 16.6 million.
Source – Pew Research
Why Baby Boomers Are Important
When marketing your Tracy California Rental Property it’s important to keep in mind that Baby Boomers are important to market to because, they are typically economically stable, have settled down in life and make great tenants, especially long term renters.
Boomers’ median household income is 55% greater than post-Boomers and 61% more than pre-Boomers. They have an average annual disposable income of $24,000 (US Government Consumer Expenditure Survey).
Get More Tracy California Rental Property Tips
If you’re searching for more property management tips for your Tracy California Rental Property, or to learn more about our affordable property management tips, contact Real Property Management Central Valley today by calling us at (209) 572-2222.