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
| Feb 5, 2013
8 eye-popping wood building projects
From 100-foot roof spans to novel reclaimed wood installations, the winners of the 2013 National Wood Design Awards push the envelope in wood design.
| Jan 31, 2013
Map of U.S. illustrates planning times for commercial construction
Stephen Oliner, a UCLA professor doing research for the Federal Reserve Board, has made the first-ever estimate of planning times for commercial construction across the United States.
| Jan 31, 2013
More severe wind storms should prompt nationwide reexamination of building codes, says insurance expert
The increased number and severity of storms with high winds nationally should prompt a reexamination of building codes in every community, says Mory Katz, vice president, Verisk Insurance Solutions Commercial Property, Jersey City, N.J.
| Jan 29, 2013
Trinitas and Harrison Street Break Ground Near University of Kentucky
The 699-bed Collegiate on Angliana, with an anticipated opening date of August 2013, will serve students attending the University of Kentucky (UK).
| Jan 23, 2013
Music-Inspired Apartment Complex Completed in Tampa's Tempo District
Named in honor of jazz artist Ella Fitzgerald, Ella at Encore is the first building to rise from plans to develop a mixed-use, mixed-income urban village in the community.
| Dec 6, 2012
Suffolk Construction awarded Phase Two of Boston’s Old Colony redevelopment project
Project team breaks ground on South Boston public housing project designed for energy efficiency.
| Nov 13, 2012
2012 LEED for Homes Award recipients announced
USGBC recognizes excellence in the green residential building community at its Greenbuild Conference & Expo in San Francisco
| Nov 11, 2012
Greenbuild 2012 Report: Multifamily
Sustainably designed apartments are apples of developers’ eyes
| Oct 5, 2012
2012 Reconstruction Award Silver Winner: 220 Water Street, Brooklyn, N.Y.
The recent rehabilitation of 220 Water Street transforms it from a vacant manufacturing facility to a 134-unit luxury apartment building in Brooklyn’s DUMBO neighborhood.
| Aug 1, 2012
C.W. Driver forms Driver URBAN
Driver URBAN specializes in the construction of multi-family apartments, mixed-use developments, affordable housing, student and senior housing, and hospitality projects.
