26 Dec Boomers Are Booming Again – What About Housing?
Everyone’s talking about the buying habits of Gen Y. There’s another population exploding once again, and they’re reshaping the multifamily landscape.
According to a recent article on MultifamilyExecutive.com, the U.S. Administration on Aging estimates there will be more than 75 million people over the age of 60 living in America by 2020. This is up from more than 45 million people in 2000.
Many developers are getting savvy to the notion that senior living will provide immense opportunities in the near future.
In Florida, Kayne Anderson Real Estate Advisors, or KAREA, recently obtained approximately 1,900 units of both independent senior living and assisted living options. This was the company’s first acquisition in the senior housing market.
KAREA was predominately a student housing company; they sold a large portion of the student assets off last year as a strategic response to swelling demographic trends – the Baby Boomer Boom.
There is definitely an increasing need for quality senior housing, and not just in the Florida market. What trends do you see in the senior market, and how are developers taking advantage of this powerful demographic? Share your comments below!