Senior Spotlight: Competitive Community Features
“Bingo and book club no longer cut it, and haven’t for quite some time.” Matt Coughenour, Senior Housing at KIRCO
By 2040, the senior population aged 65 and older will be 1/5 of the US population. While senior housing occupancy has risen to 83% (a 5.2% increase since pandemic lows), the senior housing construction pipeline is at its lowest since 2015. But that does not mean that older adults are desperate. Continued research and anecdotal interviews confirm that the future of senior housing is rooted in lifestyle and experience priorities. Bird-watching and game night are no longer enough.
As Multi-Housing News reported last week, “… as developers and investors work to meet the current and future need, amenities are requiring heightened focus. From landscaped outdoor green spaces to on-site movie theaters, the emphasis across the industry’s newest developments has been high-quality, activity- and wellness-focused amenities.”
One example of such resort-quality features is the recently completed Monark Grove Clarkston in a Detroit suburb. With 148 units and a balance of where individual needs meet mental and physical well-being, the community offers a common area with a fireplace and piano, communal dining venues, a bar, library card room, salon, spa, movie theater and sports facilities.
In addition to the theme of amenities that create experiences is the consideration of location as an amenity in and of itself. While some older adults crave an active, urban hub with a walkable location, others desire a more natural, bucolic setting. A ‘strong’ location to one senior resident might mean something different to another, so senior housing developers need to appeal to both audiences to remain competitive.
Determining what current and future residents want is easier than it might seem – many builders are simply asking. At Stevenson Oaks, a new senior housing community in Fort Worth, every amenity was reportedly designed with resident feedback taken into account! Garden planning, pickleball courts and Technogym products in fitness centers were all included in the project based on what seniors in the area actually wanted.
Let’s have some fun: what is the craziest or most luxurious but useful item you would love to see in a senior community?! We think an animal therapy clinic or full-service spa would be pretty amazing – how about you?
Resource Used:
Today’s Seniors Want These Experience-Focused Amenities
Warmest regards,
Bobbi
Bobbi Decker
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Broker Associate
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www.bobbidecker.com
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