Real estate has been incredibly trendy in recent years. Just about everyone wants multi-use buildings. Millennials are renting at higher percentages for longer periods than past generations. Many fled the suburbs for city living. Many fled the city, looking for more reasonably priced space since they are working and living in the same space.
Nevertheless, the baby boomer generation continues flexing its economic muscle. The largest U.S. generation is working longer before retiring. Still, they are also not staying in the family home in their later years; instead, they are looking at the safety, support and convenience of senior living facilities. With folks retiring later and living for ever-longer periods, this trend should continue for the foreseeable future.
Not what it used to be
So-called retirement homes were unpleasant places to visit because it seemed like people moved there to die. However, senior communities now offer more amenities than round-the-clock care, and there are more categories:
- Senior apartments: These are apartments for tenants of retirement age who live independently.
- Independent living: This is still apartment living, but this level includes such services as cooked meals, planned activities, housekeeping, laundry and maybe transportation.
- Assisted living: While including most of the services in Independent living, this level of care involves nurses or staff to help care for the residents, including administering medication and feeding those incapable of doing it themselves.
- Memory care: This involves all the above services but with specialized help for those with disabilities or who cannot live independently.
- Nursing care: This includes all the above but also provides medical care to those needing short-term care or long-term chronic care.
Larger developments often have various levels so residents can smoothly transition from one category to another.
A real estate opportunity
These types of residencies can be lucrative investments. Those interested in developing one will need to find the right property, secure the necessary permits, find investors, hire architects and contractors, and address other vital details. Nevertheless, all the work can lead to a nice payday at the end of it all.