Journal of Property Management

nizes several annual events that attract seniors, including National Night Out, Neighborhood Watch safety meetings and ice cream socials. The seniors get together at these events and communicate about sharing rides, shopping and other needs. Instead of feeling alone, they depend on each other. This helps retain residents and that’s a benefit for the owner.”

STAYING COMPETITIVE

Retaining residents means less turnover, lower vacancy rates and more cashflow—a true advantage to offering services so aging residents will stay in place longer, Gamzon said. But targeting the senior market has other advantages too.

Gilbertson said managers might actually experience cost savings if they wisely rely on their senior population. She said seniors will often volunteer to work in the office—filing and answering phones; plan activities for the community; and tend to the grounds by landscaping or gardening. This, of course, cuts back on staff responsibilities.

“They love to stay busy,” Gilbertson
said of seniors, “so allow them to work in areas where
they can help.”
If the senior residents already in place are happy, they
will also be one of the property’s best marketing agents—
for free. Seniors are also good networkers, Gilbertson
said. They rely on each other’s opinions and if they like a
place, they’ll spread the word. Referral programs offering
a rent credit or other reward to any resident who brings
in a new resident will help stimulate these senior con-
nections.

In today’s competitive market place, Gilbertson said real estate managers cannot just ignore a segment of the population—particularly seniors with their level of influence and all the advantages they bring to the table. Managers who don’t make valid attempts to keep their aging residents in place, or attract seniors to their property, will lose out to competition in the long run.

“The conventional apartment that structures its operation to cater to seniors is going to do better than the conventional apartment that does not,” she said. n

[TOP] THE MANAgER AT MERITAgE APARTMENT RENTAlS IN lOdI, CAlIF., ORgANIzES SEvERAl ANNUAl EvENTS THAT ATTRACT SENIORS INClUdINg NATIONAl NIgHT OUT, NEIgHBORHOOd WATCH SAFETY MEETINgS ANd ICE CREAM SOCIAlS.