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:
â˘Â Larger floor plans, both in terms of square footage and number of bedrooms
â˘Â More traditional layouts that reflect the homes baby boomers are familiar with
â˘Â Increased storage spaces both in the apartment units and additional rental spaces in the community
â˘Â Upscale finishes in kitchens and bathrooms, sometimes including special touches like wine chillers
â˘Â 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%
â˘Â 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
Codes and Standards | Jul 17, 2018
NIMBYism, generational divide threaten plan for net-zero village in St. Paul, Minn.
The ambitious redevelopment proposal for a former Ford automotive plant creates tension.
Codes and Standards | Jul 17, 2018
In many markets, green features are more of a requirement for apartment renters
Renters in many U.S. cities have come to expect green features in apartments that they rent, with an eye toward energy efficiency and healthy indoor air.
Multifamily Housing | Jul 13, 2018
Student housing vs. multifamily housingâwhat are the differences?
While student and multi-family housing share a common building form, itâs the student resident that drives the innovation of new spaces.
Multifamily Housing | Jul 11, 2018
Meet the âCoHausâ: N.Y. developer unveils large-scale flats concept for boomers, Gen Xers
With its new CoHaus development, Ward Capital Management is betting on baby boomers downsizing and Gen Xers upsizing.Â
Sponsored | Multifamily Housing | Jul 10, 2018
Renovated mixed-use development features more desirable rentals
Multifamily Housing | Jul 2, 2018
17-unit condominium will rise one block south of Sunset Boulevard in West Hollywood
SPF:architects is designing the building.
Multifamily Housing | Jun 27, 2018
To take on climate change, go passive
If you havenât looked seriously at âpassive houseâ design and construction, you should.
Market Data | Jun 19, 2018
Americaâs housing market still falls short of providing affordable shelter to many
The latest report from the Joint Center for Housing Studies laments the paucity of subsidies to relieve cost burdens of ownership and renting.
Multifamily Housing | Jun 13, 2018
Multifamily visionaries: KTGYâs extraordinary expectations
KTGY Architecture + Planning keeps pushing the boundaries of multifamily housing design in the U.S., Asia, and the Middle East.
| May 30, 2018
Accelerate Live! talk: An AEC giantâs roadmap for integrating design, manufacturing, and construction
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), Skender CEO Mark Skender and Chief Design Officer Tim Swanson present the construction giantâs vision for creating a manufacturing-minded, vertically-integrated design-manufacturing-build business model.