Florida is a top state for the newest trendy crowd, 55 and up. The multifamily housing for our senior community is expected to have a high return on investment.
Builders race to capture a trendy crowd: 55-and-up buyers, a recent article in Florida Trend explains;
Florida is a national leader in drawing senior citizens from other states as permanent resident. Baby boomers and older people who have surpassed retirement age are fueling a rapid growth in the upper age groups of warm weather states such as Florida and Arizona. And they are bringing lots of financial power with them. But that doesn’t mean that with all of that financial strength, there is a enough suitable housing to go around for longtime incumbent residents who have graduated into the twilight years, as well as the newcomers from out of state.
But those making the jump into multi-family housing will be expecting a lifestyle. Research shows developers should be concerned with more than just a spa like bathrooms and marble countertops, but where family and friends will be spending time, the dining room, living room and kitchen.
Research from the National Multifamily Housing Council’s (NMHC) shows, “With 10,000 people a day turning 65 through 2030 that demand will continue to grow. Just like the Millennials who fueled the recent surge in apartment construction, the 55+ renters are looking for many of the same things. They rank proximity to grocery stores, dining and entertainment at the top of their list.”
Simple upgrades and new modern design can drastically improve the senior environment and foster wellness. It will also go a long way towards keeping the occupancy rate high.
“Design pros have popularized the term “universal design” to describe spaces and products built to accommodate the typical physical changes of aging, such as impaired balance, hearing and eyesight. But age-friendly supports don’t have to signal disability; they can be essentially camouflaged, seamlessly incorporated into the decor,” according to AARP
While the future of senior communities and multi-family housing is prosperous, there are a few challenges such as the rising cost of building materials and availability of labor.
The SWET Construction Group is a premier contractor for multi-family and hospitality industry. We are committed to quality new construction and renovations of existing buildings. We pride ourselves in client satisfaction, delivering the highest efficiency craftsmanship and unmatched expertise and value.