The number of Americans aged 65 or older without a disability that aren’t in the labor force rose by 800,000 in the fourth quarter of 2016, marking the resumption of a long-standing trend: the exodus of their generation from the work force and into retirement.
Whether a larger share of senior citizens had previously been incented to remain in their jobs by higher wages or by a need to keep working in order to rebuild their nest eggs after the financial crisis is still an open question. But the recent non-farm payroll reports affirm that the secular trend of rising retirements can only be delayed for so long.
“The RV (recreational vehicle) has replaced the rocking chair, and the whole notion of retirement has changed in the last 10 years,” says Ken Budd, executive editor of AARP magazine .
There are two drivers, according to journalist Samantha Dunn, who’s written about RV retirees for the website Next Avenue. First, wireless technology means you can easily stay in touch with friends and family even while living on the road.
Then there’s the financial angle. Today’s retirees have long life expectancies. Living on the road for a year or five can be a way to spend less than hanging on to the big house or moving into a service-heavy retirement community.
“Even if you buy the $100,000 RV rig, it’s cheaper than dealing with an oversized house and taxes and all the things home ownership entails,” Dunn says.
Maybe the rising number of Americans retiring and the increased in RVs and boats has contributed to our newest property acquisition being 95% leased for the last 3 years and the closest competitor to be 100% leased.
We love RV and boat storage for several great reasons:
- These renters tend to be long term renters, at least until the sell their RB or boat
- These renters pay their rent on time as no one would let a RV or boat be auctioned off to pay a few months storage rental
- These renters are easy to manage as they appreciate a secure storage for their prized RV or boat
- These affluent renters rarely visit their storage units
Conclusion…Providing needed services and products to the Baby Boomers as they age, has always been very profitable for the providers. We see the next wave in providing storage for their new RVs and boats acquired as they retire.