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As older consumers reinvent how senior housing looks, developers are leaning in with ultraluxurious properties, looking for baby boomers who are willing to pay more for amenities—even up to $25,000 a month in rent in some cases, The Wall Street Journal reports.
The luxury senior housing market is becoming a growing niche within the sector, and developers are catering to the population that once bought into the McMansion trend in their younger days.
“You’re starting to see segmentation in the industry” within senior housing, Beth Mace, chief economist with the National Investment Center for Seniors Housing & Care, told WSJ.
Developers believe baby boomers—those born from 1946 to 1964—will seek upgraded spaces in retirement. Related Cos. and Atria Senior Living, a giant in the senior housing sector, opened the Coterie line of senior housing projects in San Francisco, which has rents between $8,000 and $25,000 a month. The rents include meals, housekeeping, concierge services, and cultural programming. The development can also accommodate seniors who need assisted living or memory care and includes five dining options, a rooftop terrace, an outdoor pool, and a garden with bocce ball courts, WSJ reports.
Vi Living is planning to launch a new rental brand with a 320-unit luxury senior development in Scottsdale, Ariz. It plans to have 10 more of these communities open or under development in the next five to six years.
Many of these new luxury developments are being built in downtowns to allow seniors who prefer big-city life to continue to enjoy it in retirement.