3 Reason Baby Boomers Will Rent vs Buy
Renting is becoming a lot more popular these days. But not just among millennials…even the baby boomers are getting in on the action. Watch this video as Matthew gives you 3 reasons baby boomers will rent vs. buy.
Hey, everybody. I’m Matthew Whitaker with GK Houses, and today I want to talk to you about the three reasons I believe that baby boomers are going to choose renting over buying a house.
I know this sounds like crazy because baby boomers have always been known as people that have owned assets, bought houses, created wealth by owning a house for a long time. But I think some of their…The way they see the world is changing as they get older, and I think that’s going to affect the fact that they’re going to start choosing renting over buying.
So let’s take a look at the first thing.
1. The first thing is simply repairs and maintenance. Baby Boomers, as they get older, don’t want to be doing repairs and maintenance. In the past, when the garage door is broken, or the kitchen cabinet’s broken, they’ve gone out and fixed it themselves. Now, they maybe can’t physically do it anymore, or they’ve decided they just don’t want to do it anymore. With a rental house, they simply just call up a number and someone comes out and fixes it for them. And this is starting to fit in a little more with their lifestyle.
2. The second thing is preventative maintenance, things like landscaping, cleaning the gutters. There are items that they’re no longer willing to do, again, or no longer capable of doing. And so, I really believe that property management companies, like us, are going to start actually doing those types of services and offering those types of services to the Baby Boomer generation. And they’ll start literally paying one fee, rent, and have the whole house taken care of for them.
3. The third thing is flexibility. As Baby Boomers get older, they want to go out and see their grandkids. They want to be able to leave on the weekends, see their grandkids. Or they don’t want to leave their house as a burden for their family to sell. So they’re going to choose renting the house, where they’ll have the flexibility to move, to follow their grandkids. They’ll have the flexibility to move into some sort of senior living facility without having the burden of the house to sell.
So that’s it. I know that was quick, but those are the three reasons I see Baby Boomers renting versus owning a home in the future.