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
| Jul 19, 2013
Reconstruction Sector Architecture Firms [2013 Giants 300 Report]
Stantec, HOK, HDR top Building Design+Construction's 2013 ranking of the largest reconstruction architecture and architecture/engineering firms in the U.S.
| Jul 19, 2013
Renovation, adaptive reuse stay strong, providing fertile ground for growth [2013 Giants 300 Report]
Increasingly, owners recognize that existing buildings represent a considerable resource in embodied energy, which can often be leveraged for lower front-end costs and a faster turnaround than new construction.
| Jul 17, 2013
Top Multifamily Construction Firms [2013 Giants 300 Report]
Lend Lease, Clark Group, Balfour Beatty top Building Design+Construction's 2013 ranking of the largest multifamily contractors and construction management firms in the United States.
| Jul 17, 2013
Top Multifamily Engineering Firms [2013 Giants 300 Report]
STV, URS, AECOM top Building Design+Construction's 2013 ranking of the largest multifamily engineering and engineering/architecture firms in the United States.
| Jul 17, 2013
Top Multifamily Architecture Firms [2013 Giants 300 Report]
IBI Group, Niles Bolton, Perkins Eastman top Building Design+Construction's 2013 ranking of the largest multifamily architecture and architecture/engineering firms in the United States.
| Jul 17, 2013
CBRE recognizes nation's best green research projects
A rating system for comparative tenant energy use and a detailed evaluation of Energy Star energy management strategies are among the green research projects to be honored by commercial real estate giant CBRE Group.
| Jul 16, 2013
Amid single-family housing’s comeback, rental market not skipping a beat [2013 Giants 300 Report]
As the economy recovers and homeownership becomes a realistic option for more consumers, will it spell the end of the multifamily sector’s hot streak? The experts say no.
| Jul 15, 2013
Developer plans to convert historic Kansas City high-rise to mixed-use with 55 new apartments
An $18 million redevelopment proposal would convert a historic Kansas City high-rise into a commercial/residential property.
| Jul 15, 2013
Zaha Hadid unveils plan for boutique condo development in New York
Related Companies taps the London-based architect for the 11-story 520 West 28th Street residential development adjacent to the High Line in Chelsea.
| Jul 11, 2013
Lawsuit challenges modular apartment project in New York City
A plan to build pre-fab apartment buildings at Atlantic Yards in Brooklyn, N.Y., has been challenged by a lawsuit filed by the Plumbing Foundation in Manhattan Supreme Court.