Senior Housing
One of the fastest growing segments of the real estate industry is senior housing. With the aging of the vast baby boomer population, senior housing will gain increasing shares of the total housing market in the future. In working with senior housing developers over many years, The Siracusa Company has developed a strong understanding of the special needs of this unique housing niche market. Senior housing includes not only ownership products, but also a large array of rental senior housing spanning from fully independent living to various levels of service and care through full service assisted living. Another element of senior housing is as a component within mixed-use development.
The Siracusa Company has assisted many senior housing developers in maximizing product acceptance in the marketplace and realizing optimum performance.
Our senior housing studies include the following elements:
- An evaluation of the subject site from the standpoint of location, general environment, access, visibility, proximity of shopping and services, transportation, neighborhood trends, and other factors.
- A review of demographic and socio-economic data to establish the viability of the location and the depth of market for senior housing.
- A comprehensive field survey of existing senior housing complexes in order to profile rental rates or pricing, services provided, vacancies, tenant/occupant composition, amenities, and absorption rates for new projects.
- Segmentation of the competitive supply into its key components, such as unit mix, rental rate or price distribution, types of service, and amenities to reveal un-served niches in the marketplace.
- Design review of proposed floor plans (as applicable).
- Investigate projects in the entitlement process that might represent future competition.
From this research our recommendations include:
- Unit bedroom/bath mix and sizes
- Unit features and amenities
- Senior services (meals, housekeeping, medical services, and/or transportation)
- Rental rates or sale prices
- Unit design elements
- Recreational amenities
- Parking
- Projected absorption rate