The latest estimates from the U.S. Census Bureau are in, and the fastest-growing city in the U.S. is not an oil boomtown or a magnet for new immigrants, but a senior living community outside Orlando, Fla., with a reputation for attracting active retirees, according to Bloomberg Business.
From 2000 to 2010 over 5 million people in the United States became seniors, while about 14.2 million more people will turn 65 years old by 2020, according to a Bipartisan Policy Center report.
Many baby boomers are selling their homes as the economy improves, leading to the need for more housing, which leads to more investments focused on senior housing.
Florida leads the top 10 states for senior housing construction, according to Multifamily Executive, the market is really expected to boom!
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.
Simple upgrades such as flooring, light fixtures, and built in shelving are inexpensive additions that can provide a luxurious and seamless space seniors will be proud to call their home.
The Multi-family industry and Senior housing community marketing units need to make the transition of downsizing as easy and appealing as possible with beautiful and comfortable spaces.
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.