According to recent statistics, the number of renters aged 65 and over is expected to rise significantly in the coming years. As people live longer and housing affordability challenges persist, more older adults are having to rent rather than own homes. An article by 1news says we aren’t ready. Full article in this link: Landlords aren’t ready for ageing tenants – so, what do we do now? (1news.co.nz)

Perennials make great tenants!

Older tenants often bring a level of stability and reliability, they tend to stay in one place for longer periods, reducing the cost of tenant turnover. This stability also translates into more consistent cash flow for property owners. Retirees are often more financially stable, drawing from pensions, retirement savings, or other secure income sources, making them more likely to meet their rent payments on time.

Older adults tend to take good care of the properties they rent. This sense of pride and responsibility can mean fewer maintenance issues and less wear and tear on the property. And retirees may have fewer parties or large gatherings, leading to quieter, more peaceful living environments, and therefore happy neighbours.

What can you do to attract such a great tenant?

Invest in rental properties that offer comfort, convenience, and accessibility, such as single-level 1 or 2 bedroom homes, avoiding stairs or complex layouts. Proximity to essential services like healthcare, shops, and public transport is also a key consideration. Many retirees seek a quiet, safe neighborhood and low-maintenance outdoor spaces, perhaps even arrange to have the lawns mowed. Any amenities like walk-in showers, grab rails or raised garden beds can be highly appealing for this demographic.

Who pays for modifications?

It doesn’t have to be the landlord. Government funding is often available to assist in making necessary modifications to rental properties to accommodate elderly tenants. These grants or subsidies are on a case by case basis but can help cover the costs of accessibility improvements such ramps, handrails, and bathroom modifications like walk-in showers.

Stay ahead of the game!

With the lure of overseas horizons dwindling the pool of working age tenants, maybe it is time to consider how your investment might ride the silver wave?

Does your rental property meet the Residential Tenancies (Healthy Homes Standards) Regulations 2019?

The healthy homes standards introduce specific and minimum standards for heating, insulation, ventilation, moisture and drainage, and draught stopping in rental properties and time is running out to comply.

Sign up for a 12-month full property management service and enjoy a FREE Healthy Homes Assessment! Ensure your property meets all Healthy Homes Standards and you meet your legal obligations while giving your tenants a safer, warmer, and healthier living environment.

We will arrange and cover the cost of a Healthy Homes Assessment to be done on your property, providing you with a report detailing your property’s compliance with the new regulations and identifying any areas that need attention. We can even arrange any required work for you.

*Already have a Healthy Homes Assessment? We can offer you an external window wash or a gardening service up to the same value instead.

Why Choose Us?

• Comprehensive Property Management: From tenant placement to maintenance, we’ve got you covered.
• Expert Advice: Stay ahead of regulations with guidance from industry professionals.
• Peace of Mind: Know your property is in safe hands, with both legal and healthy standards met.

Limited time offer! Secure your property’s future today.(Terms and Conditions apply).

If you’re considering investing in property or need expert advice on construction, connecting with a seasoned professional can make all the difference. Whether you’re navigating the complexities of the real estate market or planning a construction project, having someone knowledgeable by your side ensures you make informed decisions, maximize your returns, and avoid costly mistakes. Wise Owl Property Management recommends reaching out to a trusted advisor to guide you through your property journey and you can’t go wrong with the exceptional expertise and commitment to outstanding results you’ll find with GETIN2 Property.

You’ll find them here www.getin2property.co.nz