29. January 2010 05:04
We all know that the recession has adversely affected the housing market, leaving many people unable to sell their homes. This unfortunately includes senior citizens who are ready to sell and move into senior apartments or condominiums. While the demand for senior living units has slowed in recent years, it won’t last forever. Age demographics continue to increase at expected levels; in 2010 approximately 40.2 million Americans will be age 65 and older. By 2020 and 2030, the number of U.S. residents age 65 and older increases to 54.8 million and 72.1 million, respectively, according to the Administration on Aging. To say the least, these numbers foretell a positive supply-demand situation for the senior living industry.
As demand slowly increases, senior living facility construction will also increase, and now is the time to begin building. So, how should you build your next senior living project? DeLuxe’s modular construction method is ideal for senior housing; we build stronger and safer steel, non-combustible apartments and condominiums. Based on the construction of your building, a substantial reduction in insurance premiums may be realized. Construction with steel framing materials and other available non-combustible features are typically recognized by insurance companies.
Additionally, we can build your senior living facility up to 50% faster than conventional construction methods permit. That means 4-6 months of additional first year revenue is possible! Plus, extremely tight constructions schedules can be met for special grant funding guidelines.
We’re all starting to see the early indications of a slow but steady economic recovery that forecasts an improved housing market, which will translate into an increasing demand for assisted and independent senior living facilities. 2010 will still prove to be a challenging year for the market, but it will be the right time to begin plans for building new and improved senior living facilities.
View some of DeLuxe’s completed apartment and condominium projects here