Dec 1, 2023 - News

Luxury senior living turns Indy homeowners to renters

Data: Census Bureau; Chart: Axios Visuals

Renting is not just for the young.

Driving the news: Older Americans are increasingly turning to rentals, fueling construction of new senior living complexes with amenities that would look familiar to 20-something apartment dwellers.

  • More senior communities look like modern luxury apartments — including a resort pool, sometimes filled with grandkids, Axios' Sami Sparber reports.

What's happening: The growth in older renters is leading to a steady drumbeat of new senior living announcements.

By the numbers: There were nearly 78,000 Indianapolis-area renter households with people 55 and older last year, up from fewer than 40,000 in 2005, per U.S. Census estimates.

  • 28% of renter-occupied households are 55 and older.

Between the lines: Apartment developers are courting empty-nesters as young as 55, dangling prime locations, easy living and amenities you'd expect at a five-star hotel, senior living expert James Hill with Texas-based Kirksey Architecture tells Axios.

Reality check: As senior living communities go big on amenities, they're scaling back on services.

  • Indianapolis-area seniors who have moved into complexes offering food and transportation services are seeing those perks scrapped in budget cuts, the IBJ reported.

What we're watching: Single-family rental homes.

  • The hot suburban segment appeals to some older adults who want property management perks, but without neighbors on the other side of the wall.

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