As families grow older, one moment that can signify a new stage in life is the departure of your children from your home. As children get older and leave for college or just move out on their own, the “empty-nest” syndrome sets in, and often acts as a signpost to a significantly new chapter in life. Most empty-nesters today are baby boomers, born between 1946 and 1964. Despite the considerable difference in age range, there are a few commonalities that exist within empty nesters that are critically important to remember for an apartment community. Below, we look at three common reasons empty nesters flock to multifamily apartment communities.
- Urban Invasion
Like many millennials or young urban professionals, empty nesters tend to be moving into apartments in large numbers to get closer to the attractions of the big city–be it nearby bars and restaurants, to work, cultural centers, or downtown parks. As a result, the big thing to focus on is location. What sets your location apart? What businesses, cultural centers, or restaurants are nearby that make it an ideal spot for all ages?
While Multifamily Executive points out that millennials still dominate the rental market, boomers are coming in big numbers. “Tired of having to mow the lawn every week or repair the roof every year, they sell their house and move closer [to the city].” Empty nesters are moving to the city to save money on costly repairs to their home, and are looking into rentals to enjoy the comfort and convenience of living closer to the city’s attractions, while relinquishing the responsibility and investment that comes with owning and maintaining home.
- Space and Amenities
The financial freedom of selling or renting a home and moving into an apartment means that boomers don’t intend to downgrade. While both millennials and boomers are going to demand amenities such as swimming pools, workout rooms, Wi-Fi, and dog parks, the younger cohort might be more attracted to TV lounges and bars, while empty-nesters are looking to maintain the luxury and space that they’ve come to expect. Instead, boomers are likely to be more interested in state-of-the-art kitchens, high-end bathrooms, and walk-in closets. Similarly, millennials will drift toward one-bedroom apartments while the empty nest market is going to almost always favor multiple-bedroom units–be it for a home office, or just a spare room for visiting children or grandchildren.
- Staying Social and Active
Despite the obvious benefits of savings and upkeep, many empty nesters are looking to move to urban apartments in order to continue to stay social and active. Moving into an urban area is attractive because the pedestrian-friendly community offers a chance to get out, move, socialize, and stay active all within walking distance. Activities within your apartment community might also offer empty nesters the chance to meet one another and bond over shared lifestyles–something that may have been lost as they worked to raise their children. By offering activities that attract empty nesters, you can help them replace the socializing they had come to expect with their children by offering the chance to meet new neighbors and community members. A CBS News report referenced by Multifamily Executive also indicated that many empty nesters may be divorcees or widowed, and are even looking to re-enter the dating scene.
Ensure your community has events that appeal to all demographics so that you can take better advantage of boomers looking to downsize. For more information on how to make sure your apartment community can best serve all age groups, get in touch with us today!
