Senior Housing Trends
As Baby Boomers age, the demand for affordable senior housing continues to rise. No longer the biggest fad, independent living facilities are seeing a decline in popularity. Aging homeowners are looking for active communities in which to reside. So, what does this mean for HOAs?
Here are a few hot trends that associations can expect when catering to an increasing number of seniors.
Don’t expect the Baby Boomer generation to be content with dial-up internet and a few simple TV channels. Because they’ve become accustomed to using cell phones, computers, and other advancing technology during their working years, senior residents will demand efficient, fast internet service and a comprehensive selection of cable TV options. They’ll also likely choose housing that includes smart home devices and other predictive technology that enhances their living experience and more easily connects them with the outside world.
With a more saturated senior market, housing providers should consider carefully how they stand out from the competition in terms of comfort and convenience. HOAs can rest assured that hotel-style amenities and beautiful, functional outdoor spaces are worthwhile investments since senior residents value hospitality, accessibility, and variety now more than ever.
Covid-19 ushered in a new era of food-delivery services. DoorDash was the fastest growing brand across the board in 2019. As a result of this surge, senior living communities have struggled to retain and hire culinary employees and balance labor costs with operating margins. Even with the pandemic subsiding, HOAs can expect the use of food delivery services to remain steady and may want to consider cutting back on in-house dining.
With health at the forefront of our society, it’s no surprise that the aging generation is living more actively than ever. Catering to the increasing population of active seniors may include offering regular opportunities for travel, fitness, and social activities. Convenience-focused amenities like prepared meals and cleaning services that free up time for hobbies and leisure are especially appealing to active seniors.
It’s no secret that our culture values cleanliness, and never more than during the past year as businesses have battled to keep Covid-19 at bay. Enhanced cleaning protocols that eliminate pathogens and create a safer, healthier environment will be a critical component in where seniors choose to live in the foreseeable future, and may be well worth the investment for many associations.
With so many options, it’s more important than ever for communities to evaluate what they offer to their more mature residents, and what they can do to stand out as the place where seniors will choose to call home. For more information and tips be sure to visit our blog, or contact us today for a free HOA property management quote and see what makes us refreshingly different.