Real Estate for the Next Generation of Renters
While millennials have dominated the focus of housing demand and design, there’s an aging population that cannot go unnoticed. Dubbed the “silver tsunami,” the baby boomer generation’s share of 65+ year- olds is expected to grow by roughly 90 percent between 2010 and 2040, according to Hamilton Lombard, a demographics researcher from the University of Virginia.
This population shifts mean that housing must cater to the demands of seniors. A recent Harvard report shows that only one percent of the country’s current housing stock has single-level floor plans, wide hallways that are wheelchair accessible, and zero-step home entrances. Given the need, universal design principles are expected to make a comeback.
Additionally, retirees are looking to settle down in the countryside, as well as in luxury urban living centers. While some are choosing to make their way “halfway back” from Florida to the Mid-Atlantic for affordable and convenient housing near hospitals and interstates, others are seeking the highly walkable and amenity-rich urban centers. RENTCafe’s analysis of Census data found that between 2009 and 2015, the number of 55+ year-old renters increased by 28%, compared to a 3% increase of renters 34 and younger.
As the silver tsunami rushes in, it brings with it a great investment opportunity. According to CBRE’s recent senior housing marketing analysis, 40% of investors are bullish on the independent living sector.
For comments, questions or concerns, please contact Daniella Soloway
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