26 Nov Millennials Aren’t the Only Apartment Dwellers
Millennials are the obvious target demographic for hot new apartment properties as they move away from Mom and Dad, but what if their neighbors ARE Mom and Dad?
Yes, empty nesters are starting to flock to apartment living as their children go off to college and they find themselves downsizing their suburban homes. This 55 and up demographic is hot to trot on preleases – especially two and three bedroom units.
Multifamily Executive reports that many of these Boomers are moving to urban-core properties that are sprouting up nationwide. Tired of having to mow the lawn every week or repair the roof every year, they sell their house and move closer to the action. Like Millennials, empty-nesters might move to be closer to work and good restaurants, cultural centers, and downtown parks.
This doesn’t mean developers should completely switch their focus; Millennials are still the renter generation, that is, the primary driver of the apartment market. But don’t discount the recent 2013 Joint Center for Housing Studies report by Harvard University: approximately 2.2 million seniors that will be 65+ by 2023 will enter the rental market.
Developers must understand how to best meet the demands of both extreme demographics if they want to be successful in this market. Some amenities may be universal but Millennials are looking for social amenities more than anything. TV lounges, clubhouses, and other social gathering places really appeal to this group. Boomers tend to focus more on features, such as walk-in closets and state-of-the-art kitchens.
How would you design a community that accommodates both demographics? Share your comments below!