Active adult rental properties are nearly 93% occupied on average, including newly opened properties still in lease-up, while properties open for at least five years are 95% occupied or higher. Longer life expectancy, increased solo aging, and changing lifestyle preferences are driving demand for these maintenance-free, lifestyle-focused communities.
Within the nearly 800 properties totaling more than 116,000 units tracked by NIC MAP Vision, fitness centers and pools are among the most common amenities, driven by increasing focus on wellness. Clubhouses, dog parks, libraries, and movie theaters round out the focus on fun and friendships that research shows are integral to wellness and longevity. In utilizing these often resort-style amenities, in-house Lifestyle Coordinators remain essential to implementing and enhancing communities’ resident-led activities.
Looking ahead, adults aged 65-74 are the fastest growing renter cohort in the U.S., with an additional 2.2 million adults aged 65 and older entering the rental market over the next decade. While roughly 30% of inventory tracked by NIC MAP Vision was delivered in the past four years, the penetration rate remains low at only 0.5% of households age 65 to 84, indicating room for further development in markets that attract these healthy and active older adults.
For more insights from the latest data on the Active Adult rental market, join experts from NIC, Greystar, Zonda Advisory, and Senior Housing Consulting for a complimentary webinar on September 4, 2024, at 2:00pm ET. Register now.