According to the most recent Census data, the population of seniors- that is, people age 65 and older is on the rise. Juxtaposed that, Harvard has recently released a report indicating that more seniors are renting, as more people are moving away from owning homes in favor of rentals. Now, while a good amount of those seniors do still own homes, it was estimated that there were about 5.5 million seniors that were renting.
This is set to increase in the coming decade as baby boomers age and senors will, by all estimates, make up about half of the rental housing growth push.
Yes, people got paid to find out that Americans are in fact, aging, and those people need housing. Bear with me, though- it’s a good bit of data to have, particularly, if you’re managing rental properties and thinking about making them appeal more to seniors. If you’re not, consider that senior renters tend to be less problematic than other demographics and also tend to stick around longer. You may not know this, but August 21st was National Senior Citizens Day- and, there’s a growing movement towards creating apartment communities that can help seniors maintain lifestyles and still get the care they need.
When most people think of senior housing, they have a pretty negative impression of assisted living facilities. For this reason, housing that can accommodate seniors is needed- and a good thing, because not everyone needs a full on facility. As a matter of fact- there’s a growing movement towards apartment living with a twist: having people on hand and specialized accommodations that make it possible for seniors to still live safely while maintaining independence.
You should know, however, that this is an extremely competitive market- and one you cannot afford to attempt a half-hearted entrance into. For those complexes that have made the switch, occupancy rates tend to stay right at 90-93% and usually, when one complex begins to succeed in any given city- more spring up all around. The best way to compete in this market? Offer amenities others do not, and make sure they’re exclusive to your community.
Another option, if you’re not looking to go full on, exclusive senior assisted living? Multigenerational housing. While many seniors prefer the exclusive settings- many still yet prefer the ability to mix with other residents that are not seniors, as well. This kind of setting typically involves having recreational activities, a dining area, and other amenities that can appeal to all ages.
If you’d like to know more about what you can do to make your apartment complex or properties more senior accessible, your first step is going to be your local senior living association. You can also find more information at the National Center For Assisted Living website.