Why your next tenant may be a senior

As the population ages and demand from seniors aging in place rises, a rental property under your care might be their next home.

Statistics Canada reports that 21.5% of seniors living in private dwellings are renters, and over 85% would prefer to stay in their homes and pay for support as needed, as opposed to moving into a retirement community or assisted living facility.

Aging in place is often more cost-effective and allows seniors to live independently in a familiar environment, but homes may need to be adapted to make it comfortable.

Here’s how property managers can accommodate this growing demographic:

• Arrange for professional assessments to identify accessibility improvements. This might include widening doorways, installing grab bars in bathrooms, or improving lighting in hallways.

• Collaborate with local healthcare providers and community organizations to offer tenants additional resources, such as wellness checks or meal delivery. If your apartment building qualifies as a Naturally Occurring Retirement Community (NORC), you could gain access to publicly funded support services.

More tenant headlines

People with disabilities more likely to rent – PayProp blog

‘Matchmaking’ service launched for students who need affordable rental housing – INsauga

Survey finds nearly half of Canadian renters prefer renting – PayProp blog