75% of the tenants in the parks I’m looking at are 50+Have any of you converted to the senior model? If so, was there a financial or management advantage?
I have over 60% senor residents and I really prefer them over other ages. Seniors stay longer and that cuts down on vacancy rate and other turnover expenses.That said, The only benefit that I can see to the senior park designation is ad copy when targeting seniors.The downside is that once you commit to seniors only, you lose the flexibility to fill lots with all ages.I advertise using pictures of seniors on my website and brochures and tell everyone about our high level of senior residents…but no seniors only restrictions that bind me.
I understand that once you go senior you can never go back. (The seniors have to vote for it, which they will never do.)