According to a recent report by the Joint Center for Housing Studies of Harvard University, the senior and age friendly communities with health supports are in high demand. Which will increase as the ‘silver tsunami’, as baby boomers get older.
“Although growth in the number of households in their 50s and 60s will therefore slow over the next two decades, great- er longevity and population growth mean that the number of households in their 70s, 80s, and 90s is set to soar. The number of households age 80 and over already jumped 71 percent from 4.4 million in 1990 to 7.5 million in 2016. With the aging of the baby boomers, the number of households in this age group will more than double by 2037.”
There is no doubt, senior living development is a huge opportunity for investors. But gone are the days of hospital type settings. Todays senior communities have a resort style quality. Incorporating tailored designed spaces, fitness and rehabilitation areas are equipped with heated pools, personal trainers, walking tracks, and spas. Along with community rooms to share hobbies and participate in yoga, to encourage group activities.
While existing housing should ensure their establishments keep up with the needs of today’s retirees and draw in new residents. 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.
Building new properties or renovating existing buildings, it is a hot market. Senior Housing News recently wrote about the Senior Housing News Summit in Chicago “To that end, the panelists agreed the senior living industry could eventually resemble the world of hospitality, with providers launching niche products that cater to specific demographics they serve. That might mean more senior living communities develop distinct brands for their active adult, independent living or assisted living communities, even if they all exist on the same campus.”
SWET Construction has the experience to build cost efficient building with the latest trends and designs for your multi-family housing or the senior housing. Contact for your next construction project.