As baby boomers seek to downsize from large homes, developers are increasingly designing apartments specifically for this demographic.
These apartments consist of features such as:
• Larger floor plans, both in terms of square footage and number of bedrooms
• More traditional layouts that reflect the homes baby boomers are familiar with
• Increased storage spaces both in the apartment units and additional rental spaces in the community
• Upscale finishes in kitchens and bathrooms, sometimes including special touches like wine chillers
• Luxury community amenities such as pet services, concierge, conference facilities, yoga classes, and dry cleaning in a quiet atmosphere
This trend is spreading nationally. According to recent Transwestern data, as of Q3, the average U.S. one-bedroom apartment is 874 sf, two-bedrooms are 903 sf, and three-bedrooms ring in at 976 sf.
However, newly constructed communities in the last 12 months average 935 sf for a one-bedroom, 945 sf for a two-bedroom, and 996 sf for a three-bedroom.
To meet demand for the larger rentals, developers are building a higher percentage of three-bedroom units. For example, Houston has seen an uptick in demand for three-bedroom apartments:
• Occupancy numbers are highest for three-bedroom units, at approximately 94%
• Rent growth for three-bedroom units is highest among all unit types at +.03%
More Transwestern multifamily research at: https://www.transwestern.com/corporate/research
Related Stories
Multifamily Housing | Mar 10, 2015
KTGY homes in on seniors with new studio
Its director, Doug Ahlstrom, says designs will emphasize socialization and community.
Multifamily Housing | Mar 10, 2015
Multifamily renovation now drives growth for national restoration business
Response Team 1 has established a national footprint through acquisitions.
Retail Centers | Mar 10, 2015
Retrofit projects give dying malls new purpose
Approximately one-third of the country’s 1,200 enclosed malls are dead or dying. The good news is that a sizable portion of that building stock is being repurposed.
Architects | Mar 9, 2015
Study explores why high ceilings are popular
High ceilings give us a sense of freedom, new research finds
Transit Facilities | Mar 4, 2015
5+design looks to mountains for Chinese transport hub design
The complex, Diamond Hill, will feature sloping rooflines and a mountain-like silhouette inspired by traditional Chinese landscape paintings.
Multifamily Housing | Mar 3, 2015
10 kitchen and bath design trends for 2015
From kitchens made for pet lovers to floating vanities, the nation's top kitchen and bath designers identify what's hot for 2015.
Sponsored | Modular Building | Mar 3, 2015
Modular construction brings affordable housing to many New Yorkers
After city officials waived certain zoning and density regulations, modular microunits smaller than 400 square feet are springing up in New York.
Modular Building | Feb 23, 2015
Edge construction: The future of modular
Can innovative project delivery methods, namely modular construction, bring down costs and offer a solution for housing in urban markets? FXFOWLE’s David Wallance discusses the possibilities for modular.
Multifamily Housing | Feb 23, 2015
Millennials to outgrow Baby Boomers in 2015
The Baby Boomer generation, once the nation's largest living generation, will be outpaced by the Millennials this year, according to the Pew Research Center.
Multifamily Housing | Feb 19, 2015
Is multifamily construction getting too frothy for demand?
Contractors are pushing full speed ahead, but CoStar Group thinks a slowdown might be in order this year.
