Senior Housing Will Soon See an Influx of Baby Boomers
Digested from REJournals.com
With 76.5 million baby boomers heading toward retirement, senior housing presents a huge opportunity for the apartment housing industry. Citing a CBRE report, Sara Freund with REJournals.com writes that there could be a drastic shortage of senior apartments by 2025.
The question for the apartment industry is how to meet the needs of seniors. Getting into the sector requires a different skillset than conventional apartments, Matt Booma, executive vice president of CA Senior Living told Freund.
“One major difference between senior housing and other sectors is that it is a hugely operational real estate class, Booma said. “Incorporating technology could alleviate some of the stress associated with that issue. Booma’s keeping a close eye on wearables and tech that can help staff provide better care, quickly locate a resident in need of help or streamline the management process.”
Today’s senior facilities are much different than those built in the past. Seniors now live longer, have more money, are more active and have lower rates of disability.
“Now it’s important to have large, common areas with high ceilings and modern finishes, and lots of programs focused on socializing and wellness,” Freund wrote. “What the industry is seeing now in design is vastly different than it was a decade or two ago. Before, many facilities had low ceilings, small windows and kitchenettes. Much of the industry felt institutional because the design trends came out of skilled nursing. But today, residences feel more like home.”