In the past, we’ve addressed how retiring Baby Boomers are setting some new real estate trends when it comes to senior living with low-maintenance homes in active communities. A recent article in Multi-Housing News underscores how this population is indeed reshaping senior living now and into the future.
Boomers are looking for independence when searching for senior living properties. According to the article, this generation wants communities that are more in sync with “real-world life, incorporating new technologies into their lives so that they can live an independent lifestyle while at the same time not limiting the functionality and appeal of a community to one specific generation.”
What this means is that you’re seeing properties being developed that serve a non-age segregated community. They are also taking advantage of common areas on the property to draw the greater community into the location and help residents maintain a sense of independence and connection with the world. For example, one new facility in Dallas has built an arts center on the property to draw people from the community. By utilizing common spaces within the community, you have an opportunity to bring an influx of non-residents to the campus for various seminars and entertainment events, states the Multi-Housing News article.
Other facilities are incorporating emerging medical technologies. These technologies are designed to allow boomers to maintain their independent living status much longer than past generations. For example, in Florida a program affiliated with Kaiser uses telemedicine to work with about 800 residents in their own homes. Through in-home robotic devices, medical professionals can remotely monitor vitals such as blood pressure and heart rate. Via the Internet, the professionals can work with residents to discuss any potential issues that may arise. Some think this type of health service will become the standard in senior living down the road. It’ll be like having your own personal Siri, handing healthcare among other issues.
There is no doubt that senior living properties driven by an aging Baby Boomer generation will provide immense opportunities in the near future. Increasingly more developers are entering this niche and those already with senior living properties are expanding and evolving to meet the needs of this generation as they enter into retirement.
As a leading developer of innovative insurance programs, IPOA is poised to help you tap into the senior living property space with comprehensive solutions. Our Program Business division offers Commercial Property, Liability and Umbrella coverages for properties throughout the United States. Through our Brokerage division, we can also provide you with markets and insurance solutions for coastal properties. To learn more about the solutions we offer, please call Stefan at 877.653-IPOA (4762).
Sources: Multi-Housing News, MultiFamily Executive