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
Industry Research | Feb 22, 2016
8 of the most interesting trends from Gensler’s Design Forecast 2016
Technology is running wild in Gensler’s 2016 forecast, as things like virtual reality, "smart" buildings and products, and fully connected online and offline worlds are making their presence felt throughout many of the future's top trends.
Multifamily Housing | Feb 10, 2016
Miami review board recommends approval for Arquitectonica’s top-heavy condo tower
The 57-story Elysee Miami will offer residents impeccable views and plenty of amenities.
Multifamily Housing | Feb 5, 2016
Design guidelines for retail space in NYC affordable housing projects released
Aimed at designing efficient, flexible ground-floor space.
Multifamily Housing | Feb 2, 2016
10 top bathroom design trends for 2016
Floating vanities, tricked-out showers, and freestanding tubs highlight the top bathroom design trends, according to a survey of kitchen and bath design professionals by the National Kitchen and Bath Association.
Multifamily Housing | Feb 1, 2016
Top 10 kitchen design trends for 2016
Charging stations, built-in coffeemakers, and pet stations—these are among the top kitchen design trends for the coming year, according to a new survey of kitchen and bath designers by the National Kitchen & Bath Association.
Codes and Standards | Jan 22, 2016
Treasury Dept. will start crackdown on illicit money in luxury real estate
The move is expected to impact high-end condo development.
| Jan 14, 2016
How to succeed with EIFS: exterior insulation and finish systems
This AIA CES Discovery course discusses the six elements of an EIFS wall assembly; common EIFS failures and how to prevent them; and EIFS and sustainability.
Multifamily Housing | Jan 8, 2016
Manager of New York’s first micro-unit development inks pact with ‘personal butler’ service
The co-living platform Ollie is leasing its initial building, in New York, with housekeeping and grocery shopping available via Hello Alfred.
Urban Planning | Jan 4, 2016
The next boomtown? Construction and redevelopment sizzle in San Diego
The city's emission-reduction plan could drive influx into downtown
Multifamily Housing | Dec 23, 2015
Student housing developer broadens its reach into multifamily
Aspen Heights Partners evaluates seven metros for its initial projects.
