On today’s show we are talking about the elements that distinguish an active adult apartment complex from a generic market rate apartment.
There is a progression in housing options as adults get older. There is a high proportion of older adults who are single and these people lack a sense of community and lack connection. This is one of the biggest social problems in our western culture. The amount of time being spent online has served to further amplify that isolation.
Most of senior housing has focused on physical and medical needs starting with independent living, assisted living, memory care and skilled nursing.
When people downsize from a detached single family home, they usually move into something that is lower maintenance. That means an apartment or a condo where the building maintenance is professionally managed.
Just moving into a well appointed apartment doesn’t meet the needs. So there’s a gap and that gap is being filled by a category of apartment which the industry calls “active adult”. The very first active adult communities consisted of age restricted single family home communities with communal amenities. More recently, that has evolved to incorporate purpose built apartments for this market segment. There’s not much of it. There are only about 73,000 units of active adult in the entire USA. That’s a drop in the bucket.
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