With baby boomers born between 1946 and 1964 rapidly entering the senior citizen housing market, there is a real opportunity for property owners and managers to target this important age group.
“More than 10,000 Americans turn 65 each day, and that trend will continue for the next 15 years. Put in annual terms, there will be nearly 3.7 million more people 65 and older a year from today. Amazing! A report released at the beginning of 2016 by AARP Foundation and the Harvard Joint Center of Housing Studies found that nearly 20 million older adults live in unaffordable and unsafe housing,” reports Marc Courtenay in Propertymanager.com.
There are millions of Americans who need to live in properties that are designed to meet the aging population’s needs. This includes easy access entrances, handicap accessible bathrooms, countertops at varying heights, wide doorways, no curb showers with handheld adjustable shower heads among other features required by seniors. Additionally, seniors will not want big yards to keep, stairs to climb and a lot of maintenance to worry about. They will want to live close to amenities (such as good medical care, grocery stores, banks) and family to reduce drive time and distance.
Right now, only 1% of the entire housing inventory has these needed provisions, which opens up the opportunity to establish a specific niche in the rental housing market by property owners and managers. Combining senior features with affordable pricing solves a real problem and one that is increasing daily.
With interest rates hovering around 3.6%, this is a great time to buy property and make needed renovations to appeal to senior citizens. Courtenay refers to this as the “perfect storm” when a housing shortage for senior needs has occurred simultaneously with the cost of borrowing money to build, buy or renovate plunging to record lows. Herein lies the opportunity to attract a special population who needs a special kind of housing at a reasonable price that works in their budgets.
It is an ideal time to do the research. Does your area need more affordable rental housing for seniors? Are there properties that could be adapted with senior features? Can you find land to build specialized housing that creates a new opportunity for an ever-growing population? One thing is for sure. Renters in this age category are booming.
For more information: http://www.propertymanager.com/2016/03/property-managers-weigh-housing-trends-and-prepare-now-for-change/
“More than 10,000 Americans turn 65 each day, and that trend will continue for the next 15 years. Put in annual terms, there will be nearly 3.7 million more people 65 and older a year from today. Amazing! A report released at the beginning of 2016 by AARP Foundation and the Harvard Joint Center of Housing Studies found that nearly 20 million older adults live in unaffordable and unsafe housing,” reports Marc Courtenay in Propertymanager.com.
There are millions of Americans who need to live in properties that are designed to meet the aging population’s needs. This includes easy access entrances, handicap accessible bathrooms, countertops at varying heights, wide doorways, no curb showers with handheld adjustable shower heads among other features required by seniors. Additionally, seniors will not want big yards to keep, stairs to climb and a lot of maintenance to worry about. They will want to live close to amenities (such as good medical care, grocery stores, banks) and family to reduce drive time and distance.
Right now, only 1% of the entire housing inventory has these needed provisions, which opens up the opportunity to establish a specific niche in the rental housing market by property owners and managers. Combining senior features with affordable pricing solves a real problem and one that is increasing daily.
With interest rates hovering around 3.6%, this is a great time to buy property and make needed renovations to appeal to senior citizens. Courtenay refers to this as the “perfect storm” when a housing shortage for senior needs has occurred simultaneously with the cost of borrowing money to build, buy or renovate plunging to record lows. Herein lies the opportunity to attract a special population who needs a special kind of housing at a reasonable price that works in their budgets.
It is an ideal time to do the research. Does your area need more affordable rental housing for seniors? Are there properties that could be adapted with senior features? Can you find land to build specialized housing that creates a new opportunity for an ever-growing population? One thing is for sure. Renters in this age category are booming.
For more information: http://www.propertymanager.com/2016/03/property-managers-weigh-housing-trends-and-prepare-now-for-change/