As an experienced property manager, he understands the demographics that drive business cycles in his industry. One recent study on the housing plans of the baby boomer generation in particular can be informative for both managers and tenants.
The study showed that well over 5 million baby boomers ages 55 and older plan to move into rental housing by the year 2020. This includes those who are current homeowners. These older adults anticipate that their housing costs will stay the same or decrease over the same time period.
When asked what influences their desire to rent, almost two-thirds responded that affordability was a major factor. Close to half stated that they were hoping to take advantage of retirement-focused amenities and to avoid being responsible for upkeep. And with their active lifestyles, more people in this group prefer to rent a home or apartment that includes a home office, a tech space, and easy-care landscaping.