A somewhat new segment of rental active adult housing is showing signs of leading the way for senior living development post COVID. Our estimating department is currently budgeting and pricing several active adult projects for multiple clients. The product targets baby boomers in early retirement, looking to downsize, but who are years away from needing independent living or assisted living services.
Many seniors no longer want the maintenance and overhead of a large house, like the idea of increased socialization, but don’t require assistance with activities of daily living. Active adult communities tend to command a premium over standard multi-family products, and because the residents are primarily retired, their incomes are somewhat insulated to swings in the job market and economy. Another plus for developers, residents of active adult communities typically stay for five years or longer.
While the pandemic has impacted occupancy in all senior living sectors, several owners and operators...
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