Baby boomers are perhaps the fastest growing section of the U.S. population looking to rent residences across the country. This group of people has a greater amount of funds as compared to its millennial counterparts. Hence, developers are now desperate to come up with schemes that would attract them and get them to invest in the numerous luxury housing facilities coming up in New York City.
Boomers have the money
There is a noticeable trend of both millennials and boomers moving to areas such as downtown Brooklyn. This is where they can enjoy living in newly built high-rise full-service apartments.
According to Jason Burke, a real estate agent in the city, although there is a wide variety of new apartments, you can get only a restricted choice in specific price ranges. And the majority of the people are looking to buy early- when the builders are giving attractive discounts.
Burke adds that one of the biggest sections of the population that can buy these developments is the boomers. However, technology plays a huge role in leveling everything. A large number of engineers are entering New York and there are many IT people who aren’t working from a proper office space.
The count of renters in the older age group (55 years or more) rose by 28% in the period 2009-15. At the same time, there was only a 3% rise for those in the younger age bracket (34 years or less), reported RentCafe’s recent search data. Also, it is expected that over five million boomers across America might rent a new home by the year 2020 (2016 Freddie Mac analysis).
Increasing popularity of co-living spaces
According to Chris Bledsoe from Ollie, an American co-living brand, baby boomers are highly interested in co-living spaces. He says that 1 out of every 4 email inquiries come from boomers. Ollie provides a holistic living experience to people in its studio apartments. These apartments have micro-units (less than 400 sq. ft.) where renters can enjoy staying in private bedrooms and share other amenities such as bathrooms and kitchens.
Zach Ehrlich works for a brokerage firm in New York that recently introduced an interesting rental service named ‘Stoop’. This service provides short-term leases to customers and is becoming quite popular among baby boomers who prefer a no-baggage lifestyle and like staying in new dwellings.