Baby Boomers in Multifamily
Baby Boomers, who set the standard for idyllic suburban life, are now redefining the American Dream in a major way. Specifically, they are moving out of the suburbs and into cities. This means they are downsizing, shifting from single-family homes to multifamily apartments.
“The fastest-growing segment in multifamily is the Baby Boomer,” says Cecelia Nguyen, Director of Interiors at Southern Land Company. According to a 2013 study by the National Multifamily Housing Council, Boomers will account for nearly 60 percent of the increase in renters by year 2023. This demographic shift affects how Nguyen and her team at Southern Land Company design properties.
“As they move into apartments, their needs are different than those of someone who is thirty,” Nguyen says. She explains that Boomers are generally wealthier, and while they are downsizing, they have accumulated nice belongings that they like to bring with them. In other words, they typically need (and can afford) more bedrooms, space and storage than younger residents.
Boomers are also drawn to the amenities and low-maintenance nature of multifamily buildings. More and more, they’re trading traditionally quiet living in exchange for the bustle of urban communities.
This generation also appreciates qualities that Southern Land Company includes in every property including a sense of community, walkability and recreational activities. Rather than sequester themselves in retirement communities, Boomers who move to Southern Land Company properties can experience luxury amenities, vibrant communities including people of all ages, and high-quality services that enable them to shift their time from maintaining their homes to enjoying their lives.
As Boomers continue to move into multifamily developments, they will create demand for developers to build properties that appeal to members of their generation and millenials alike. Southern Land Company is driven to develop diverse and inclusive communities to enhance the quality of life for residents – whether young or young at heart.