For many years, marketing endeavors focused largely on the Baby Boomers, and rightfully so. Such a huge generation was bound to dominate the landscape of just about everything, from retail to real estate and beyond. Today, that focus has shifted largely to the Millennials, the most recent baby boom generation. After all, the Boomers are aging, and the Millennials have just come of age. But is it really time to count out our seniors? Many say no, as the “silver tsunami” seems poised to cause a seismic shift in the housing market.
Why? Because as the Boomers age, it’s predicted that the nation’s 65 and over population will grow exponentially, by about 90 percent by 2040. Most of these people are retirees, and they’re looking to downsize. What else do they want? Neighborhoods that are active, engaging, and walkable. What they don’t want is to be marooned on what’s been called “islands of old age,” preferring instead to maintain their independence and an intergenerational connectedness. It’s only logical, then, that there would be a move to urban condominiums.
Successful developers are capitalizing on this, creating mixed-generation developments and cohousing developments with an emphasis on active, communal space. The housing needs to be accessible, with features like zero-step entrances, single-level floorplans, and wheelchair accessible hallways and doorways. These kinds of building choices will give seniors the option to age in place, which is a priority for many older people.
There’s a need for a wide range of pricing options for seniors, too. The number of renters over 55 increased by 28 percent between 2009 and 2015, and it continues to rise. Some of these renters are looking for luxury urban living, while affordable housing is also in high demand. Developers, then, stand to gain from building condominiums at both ends of the spectrum.
No matter what their price range, there are some options that Baby Boomers are seeking out in large numbers. Low-maintenance or maintenance-free landscaping is high on the list, as well as windows that let in plenty of natural light, and home offices that allow them flexibility if they want to continue to work past retirement age. Flex space is also important to many seniors because it allows their homes to adjust to fit their needs as those needs change. These are all factors that should be taken into account by any real estate developer who wants to be successful in the senior market.
Successful real estate development requires a marketing and sales strategy with information, insight, and the experience to make it all come together. SagePoint understands the ins and outs of real estate development marketing and sales, and our experience keeps you at the forefront of the industry, with the professional marketing, sales and advisory services you need to stay on top. When we’re part of your project from the very start, you can expect your property to be positioned, designed and built to target your market and maximize your returns. To learn more about our services, please contact us online or email us at inquiries@sagepointre.com.