Many older Americans enjoy the flexibility that renting offers. They can live near children or grandchildren, adopt a more walkable lifestyle, and not have to deal with house maintenance.
John Burns Real Estate Consulting reports that age-restricted lifestyle communities are thriving. These properties can charge a 12 to 35 percent premium above market-rate apartments, depending on amenities and market competition. For instance, an active adult neighborhood in Columbia, Md. has units that are 25 percent more expensive than standard apartments in the area. Columbia Town Center, however, offers a regional mall, mixed-use town center, and an organic grocery.
Through our work across the US, we found that successful age-restricted lifestyle communities are based on three things:
1. Proximity to residents’ favorite activities and key services
2. Additional safety precautions and comfortable home designs
3. A sense of community