A number of factors seem to putting the senior demographic into a position to increase growth in the apartment rental market. Whether seniors are choosing apartments by force or by choice is a whole other story.
According to this enlightenme.com article, seniors 65 or older will begin to account for 52% of growth in the rental market in the next 10 years. The number grows to 60% if you include seniors between the ages of 55 to 64.
What is the evidence to say that seniors will soon account for such a high growth in the apartment rental market?
According to the article, in past times up to 80% of seniors would choose to live in their homes as long as they possibly could before being transferred to a care home.
The current range of seniors differs a bit. Because they’re healthier and want to continue working instead of retiring, they’re opting to simplify their living. By renting an apartment, seniors don’t have to worry about maintaining it in comparison to maintaining a home. Apartment complexes are located in a variety of places, making it easier for a senior to to find a comfortable spot near areas that they frequently visit. They also get access to public transportation, which leaves them without the responsibility of maintaining a vehicle.
Some complexes also offer desirable amenities for seniors. These include controlled and secure living environments, access to gyms and shops and more. Some of these apartment complexes even offer opportunities for seniors to create friendships with other seniors, alleviating loneliness.
Currently, the numbers say 25% of seniors live in apartment spaces. When seniors in these spaces begin to socialize and create a community it becomes known as naturally occurring retirement community (NORC), and they are growing fast.
If the number continues to increase, we may very well see the prediction of growth occur.