The upward trend of families living together presents a great opportunity for multifamily housing to position itself with senior living.
The Pew Research Center released findings last year that a record 64 million Americans, or 20% of the U.S. population, now live in multigenerational households. Declining to 12% in 1980 from 21% in 1950, the number has since continued to rebound, with its largest jump coming after the 2007 recession.
Although young adults have recently overtaken older adults as most likely to live in a multigenerational household, Americans ages 55 to 64 still make up 24% and 21% are 65 and older.
The Attraction of Apartment Living
Both Baby Boomers and seniors appreciate the convenience of services and amenities apartment living can offer. From 2014 to 2016, the number of Baby Boomer renters grew at an annual rate of 5.4% in small apartment buildings and 4.5% in large apartment buildings. As the population ages into the older cohort, it’s assumed that demand for this type of living will also increase.
Recognizing the possibilities and benefits of multigenerational living, family-owned apartment and senior community developer Singh decided to combine the two, creating a mixed-use, intergenerational development, according to an interview last month in Senior Housing News.
Creating a Service Area to Meet Demand
Acquiring three corners of an intersection in Cary, North Carolina, the intention is to develop intergenerational housing with shared amenities. Near trails, shopping and office space, construction on the multifamily apartments will begin this year while the senior living piece will break ground in 2020.
Leveraging their services, reputation and location, the setting provides the opportunity for those living in independent living to transition into assisted living or memory care. And there’s potential for multifamily residents to move into independent living if there becomes a need. Singh is also considering introducing active adult-style housing on the third corner.