As the Boomer generation ages and saturates the market, there is tremendous opportunity for multi-family developers to capture them. Baby Boomers make up the largest senior group in history with more than 10,000 people turning 65 each day from now until 2031. Unlike their parents, Boomers are opting to maintain their current homes or downsize, avoiding moving into senior living residences until poor health mandates it. As a result, age-restricted communities become ideal for those who want to maintain their independence, yet also seek community. As part of our ongoing Research and Development initiative, KEPHART has compiled this list of factors explaining why age-restricted developments are so attractive.
What’s the Difference? Though the focus for both types of communities is serving active older adults, we wanted to explain what differentiates an age-restricted community from an age-targeted community:
Benefits of age-restricted communities are more targeted to retiree than market-rate apartments, including:
Development advantages of age-restricted communities:
Resident demographics of age-restricted communities:
Development considerations to account for:
The downsides to age-restricted communities include:
If you are in the development business of multifamily apartments, consider diversifying your portfolio by stepping into entry level senior living. The booming market will enable you to build on your existing experience and to reach an expanding demographic.