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
| Apr 22, 2013
Top 10 green building projects for 2013 [slideshow]
The AIA's Committee on the Environment selected its top ten examples of sustainable architecture and green design solutions that protect and enhance the environment.
| Apr 19, 2013
7 hip high-rise developments on the drawing board
Adrian Smith and Gordon Gill's whimsical Dancing Dragons tower in Seoul is among the compelling high-rise projects in the works across the globe.
| Apr 16, 2013
5 projects that profited from insulated metal panels
From an orchid-shaped visitor center to California’s largest public works project, each of these projects benefited from IMP technology.
| Apr 5, 2013
Bangkok gets a leaning tower, that may topple
A seven-story apartment tower under construction in Bangkok has started to tilt and is on the verge of toppling.
| Apr 3, 2013
5 award-winning modular buildings
The Modular Building Institute recently revealed the winners of its annual Awards of Distinction contest. There were 42 winners in all across six categories. Here are five projects that caught our eye.
| Mar 27, 2013
RSMeans cost comparisons: college labs, classrooms, residence halls, student unions
Construction market analysts from RSMeans offer construction costs per square foot for four building types across 25 metro markets.
| Mar 15, 2013
7 most endangered buildings in Chicago
The Chicago Preservation Society released its annual list of the buildings at high risk for demolition.
