March 18th, 2020
Forecasters are predicting that senior living communities are one of the best opportunity for investment. This ‘silver tsunami’ will impact a number of industries, technology, health care, and housing.
The Need For Senior Communities Is Growing
“Currently, around one million Americans live in some type of senior living community, and that number is expected to double by the year 2030. After all, with innovations in healthcare and today’s seniors living longer, more active and healthier lives, “80 is the new 65.” By the year 2040, the 85+ population is expected to triple from the 5.7 million there were in 2011 to 14.1 million.” American Senior Communities.
While people are living longer and baby boomers are coming of age, senior living residence have become an investors dream. Gone are the days of sterile white rooms and closed doors. Today’s senior are looking for a resort/hospitality feel throughout the community housing, including their common and dining areas.
“Between 2010 and 2040, we predict the nation’s 65-plus population will grow by roughly 90 percent,” says Hamilton Lombard, a demographics researcher for the University of Virginia. “In some areas of the country, most of the population growth will come from retirees.”
The nation’s population over the age of 65, is expected to climb by about 90% between 2010 and 2040, according to Hamilton Lombard, a demographic researcher for the University of Virginia,
Where Are The Hottest Locations
The geographical shift for senior living is Florida, the Lakeland-Winter Haven and the area between Orlando and Tampa are expected to see significant urban growth.
“It is only a matter of time before the area between Tampa and Orlando becomes, in essence, a conurbation,” Garrett Kenny, a local real estate developer, wrote in Forbes. “Getting in early while growth potential is particularly high is how developers can realize massive success.”
While the future of senior communities and multi-family housing is prosperous, there are a few challenges such as the rising cost of building materials and availability of labor. The SWET Construction Group is a premier contractor for multi-family and hospitality industry. We are committed to quality new construction and renovations of existing buildings. We pride ourselves in client satisfaction, delivering the highest efficiency craftsmanship and unmatched expertise and value.