There are many changes coming to the senior housing industry, from communities with upscale amenities to housing options within urban neighborhoods. Yet another trend we are seeing in the Bay Area and beyond are co-housing communities. As we’ve reported in previous posts, seniors are living longer but downsizing much sooner than previous generations. Whereas older generations strived to stay in their home for as long as they could, today’s seniors are selling their homes and looking for smaller, more practical living quarters that meet all their needs. This is why we are seeing such a boom in luxury independent living communities. Baby Boomers are more interested in upscale amenities, communities that have a high walkability factor, open floor plans, and having a strong social life. With this, we are seeing a rise in the number of co-housing developments.
While there is certainly still a place for traditional senior living facilities, it is important for developers, investors, and providers alike to look into the benefits of co-housing. Many developers have been apprehensive about building multi-family units, but today’s active seniors are more interested than ever before in this unique model. In fact, some are touting this new model as the “future of aging”, as more and more seniors are interested in growing old with their fellow Baby Boomers.
We are seeing numerous co-housing units pop up all over the country, including right here in California as well as Arizona. By definition, co-housing is a cluster of private homes that share a common space. This is a different type of community than many are used to, and it is completely transforming the way seniors age. As of right now, there are roughly 13 co-housing communities in the U.S., and two more under construction as well as 13 more in the works. Over the last decade, there has been a growing demand for senior co-housing and developers are humping on board.
More and more aging adults are looking for alternatives to the traditional nursing home, and co-housing is an attractive and viable option. One of the top advantages to this model is the level of companionship offered. Many seniors are finding themselves on their own in these later stages of life, but they still want and crave community. Seniors in co-housing communities are able to have their own space, but still play games, enjoy meals, spend time outdoors, and simply enjoy life with the company of others in similar situations. These facilities often offer on-site gyms, a team of nurses and wellness providers, and even space for physical or occupational therapists. While co-housing has been in the works for quite some time, it was not until recently that these communities started popping up at a faster pace.
To learn more about investment options in senior co-housing communities, please contact Shep Roylance of The JCH Group.