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 | Sep 4, 2019
Peloton to multifamily communities: Drop dead
Peloton will no longer sell its bikes to apartment communities.
| Sep 3, 2019
Top 10 indoor amenities in multifamily developments for 2019
In-unit washer/dryer heads our ranking of the top indoor amenities in multifamily housing developments.
AEC Innovators | Aug 27, 2019
7 AEC industry disruptors and their groundbreaking achievements
From building prefab factories in the sky to incubating the next generation of AEC tech startups, our 2019 class of AEC Innovators demonstrates that the industry is poised for a shakeup. Meet BD+C’s 2019 AEC Innovators.
AEC Tech | Aug 25, 2019
Deluxe parking: A condo building in Philadelphia offers its owners a completely automated parking service
This is the first “palletless” system that Westfalia Technologies has installed.
Multifamily Housing | Aug 22, 2019
40-story residential tower to rise near Seattle’s Pike Place Market
Hewitt architects is designing the project.
Multifamily Housing | Aug 19, 2019
Affordable, senior development rises in the Bronx
RKTB Architects is designing the project.
Multifamily Housing | Aug 19, 2019
Top 10 outdoor amenities in multifamily housing for 2019
Top 10 results in the “Outdoor Amenities” category in our Multifamily Design+Construction Amenities Survey 2019.
Market Data | Aug 19, 2019
Multifamily market sustains positive cycle
Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?
Giants 400 | Aug 15, 2019
Top 140 Multifamily Sector Architecture Firms for 2019
Humphreys & Partners, KTGY, SCB, CallisonRTKL, and Perkins Eastman top the rankings of the nation's largest multifamily sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Multifamily Housing | Aug 12, 2019
Multifamily Amenities 2019: Rethinking the $30,000 cup of coffee
What amenities are “must-have” rather than “nice to have” for the local market? Which amenities will attract the renters or buyers you’re targeting? The 2019 Multifamily Amenities Survey measured 113 amenity choices.
