Although the landscape in Florida is dotted with numerous skilled care facilities, it now appears that an abundance of newbies are wanting to enter the senior care and senior housing space and are trying to develop an Assisted Living Facility on every corner in the Sunshine State. In reading the numerous market studies and staying abreast of current senior housing trends year after year, we have found that the most overlooked sectors of senior housing are the Independent Living Facilities and the Age Restricted Apartments.
ILF’s in general are for the more well healed seniors who want not only down-sized upscale housing, but quality food, entertainment, life-long learning opportunities and other amenities such as housekeeping, laundry and concierge services. These Independent Living Facilities can be buy-ins or rentals.
Age Restricted Apartments, which are all rentals, can on one hand be very upscale with large apartments, expansive balconies and clubhouses with pools, gyms, health related classes and other higher end amenities. On the other hand, they can also be more affordable, but still be quality, with smaller apartments and offer amenities such as clubhouses, and pools but on a smaller scale.
Although 10,000 persons become age 65 every day in the U.S., this group and the millions of older greying Americans cut across numerous cultural and financial categories. Developers who can address the needs of a specific sub set of these persons in an under served geographic area will not only fulfill a need, but will also increase their probability of a successful project.