Millennials might be the largest single demographic choosing apartment living, but households age 40 and older make up the majority of apartment residents, according to data from Harvard Universitys Joint Center for Housing Studies. And baby boomers are a growing percentage of the mix.
Apartment residents older than 50 accounted for 55 percent of the growth in the U.S. rental population between 2005 and 2015; in the same period, residents younger than 30 accounted for 11 percent of the rental population growth.
Baby boomers choosing to downsize to apartment living from homeownership often have a good deal of disposable income and are looking for modern appliances, high-end finishes and one-level open floor plans.
To help these older renters age in place, apartment communities will want to focus on offering features such as stair-free entries, accessible countertops, oversized doorways and senior-friendly bathroom designs, writes Amanda Cupp in a post on Multifamily Insiders.