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Luxury Rentals: A New Option for Active Adult Living
 More and more active baby boomers are in the market for a different type of housing product as they move into the next phase of their lives. They want homes with prestige that are maintenance-free, service-enriched and socially interactive. Plus, they want to live in communities close to family and friends that are obviously safe.
Developers are just beginning to recognize the “want-it-all” needs of the 55+ crowd and are responding with new housing options to serve this rapidly growing group. These new options have great appeal for all seniors who can live independently and think of themselves as young at heart.
Nearly every healthy and active American over 55 asks the question, “Where do I go now?”
After the kids are gone, the big house has become an expensive burden. Additionally, there is a growing tendency to invest the liquidity from a house in securities for current income.
To date, age-targeted housing has been focused on two ends of the spectrum ― affluent home buyers in communities where supportive services are lacking; and seniors with limited incomes who qualify for government-subsidized rentals.
In between the two, however, is a vast majority of middle-class seniors with limited alternative housing choices. And few properties combine the convenience of renting with the amenities of luxury single-family housing.
Until now.
Luxury Amenities and the Convenience of Renting
To serve active adults in the greater Washington, D.C. metropolitan area, Diversified Investments Associates, LLC is developing a luxury rental property that offers not only a variety of upscale amenities, but also the a-la-carte services of a five-star hotel. The Marque at Heritage Hunt, in Gainesville, Va., is under construction and scheduled for occupancy in early spring. It will have 200 one- to three-bedroom apartments and more than 10,000 square feet of amenity space — all under one roof.
Market research conducted prior to designing The Marque revealed that there are more than 160,000 Northern Virginia households that are age- and income-qualified for the project. Almost 20% of these households are currently renting in housing that is not suitable for them.
This number increases to 35% in Arlington and Alexandria, just across the Potomac River from the nation’s capital. There, many renters live in high-rise elevator buildings, older townhouses or single-family homes. Very few of these housing options offer targeted services, age-suitable amenities and an adults-only living environment.
Many of these senior renters are left feeling socially isolated because of the inadequate nature of their housing arrangements. To address these very real concerns, The Marque promotes dignified living in a luxurious setting that enables families and spouses to age gracefully, benefit from supportive services, nurture one another and have fun.
This is not assisted living. Rather, this is healthy, exciting living that offers the supportive services one would expect in a resort setting.
An Ability to Choose the Services They Want
Many older folks who can still hit a golf ball prefer a service-enriched lifestyle that offers them the opportunity to live among healthy, active people while being able to choose the services they will need to “age in place” rather than having to pay a much higher fixed price for services they don’t want, as may be required in an independent living facility. For these people, the ability to choose is very important for their dignity and self-esteem.
The Marque is one of the first active adult luxury rentals in the nation. Land availability and the reluctance of local governments to recognize the need for this type of housing begs the larger question: how will the burgeoning demand for this type of age-targeted housing be met?
A Need for Quality Rental Housing
Quality rental housing is essential and necessary to sustain mobility within any age group. If suburban counties do not offer age-suitable rental housing, their affluent senior citizens will leave, taking with them their wealth and charitable activities.
Jurisdictions that do not wake up to this demographic reality will suffer over the next decade. Restrictive zoning laws and regulations must be revised to accommodate the aging renter population because losing these valuable members of the community is not acceptable.
Diversified was fortunate that the government of Prince William County recognized the need for service-enriched market-rate rentals for its older citizens and approved The Marque’s application ― which, surprisingly, will be the first and only market-rate rental housing project in the entire fast-growing Gainesville area.
The Marque will allow active adults to leave behind the drudgery of home maintenance for luxury and convenience that will be available with a single monthly rental fee — without all the extra and hidden costs of homeownership, such as condominium or home owner association fees, property taxes, utility bills, repairs and special assessments.
Amenities at The Marque are just an elevator ride away from the apartments. Residents will be able to stay fit and healthy by taking advantage of the community’s state-of-the-art fitness center, sauna, massage room, aerobics room, outdoor pool with whirlpool spa and bathhouse, putting green, walking paths, tennis and bocce courts, onsite medical offices and wellness center, which will even offer acupuncture. In addition, five golf courses are nearby.
For socializing, there will be a grand lobby, a two-story Heritage Lounge with piano bar, a café and catering kitchen, theater, billiards room, crafts room, cards room, library, outdoor garden plots and guest suites. The community will also provide concierge service and a fully-equipped business center and conference room.
The Marque will offer residents a diverse array of in-home a-la-carte services to make residents’ lives easier. This will include medical consultation, grocery and meal delivery, cleaning, beauty services, pet care, entertainment and more. Plus, residents will be able to schedule and pay for these services through the community’s Intranet.
Apartments With Features Usually Found in Single-Family Homes
The Marque’s apartments will provide a variety of features typically found in single-family homes ― eat-in kitchens with pantries, king-size master bedrooms, large dining areas with built-in china closets, and his-and-her master bath accommodations.
Some floor plans feature gas fireplaces, powder rooms and wet bars. Select units will have high-ceilinged conservatories and grand covered heated sunrooms.
Residents who sign long-term leases may have the opportunity to customize their new homes. Rental rates, at this writing, begin at about $1,400 per month.
Apartments at The Marque have been designed for the current and future needs of residents, incorporating a full range of universal design features such as wider doorways, lower light switches, higher countertops and safety bars.
Emergency medical call buttons will be located in all bathrooms and bedrooms. Elevators in each wing will provide quick and easy access to the parking areas. Secure surface, covered and underground parking will be provided.
Research has shown that when a rental housing option with luxury amenities is offered to active adults at a monthly after-tax cost equivalent to homeownership, a significant market segment will choose to rent and keep their equity in the bank. The ability to free up liquidity when “downsizing” the household is very attractive to many seniors.
For a particular segment of the 50+ market, renting provides the peace of mind that comes from having a fixed annual housing cost that is not subject to tax increases, condo assessments or natural calamity. Renting also makes it affordable to live in more than one home without making long-term financial commitments in more than one location.
 Learn More About 50+ Housing Through the 50+ Housing Council
To learn more about 50+ housing, join the NAHB 50+ Housing Council. The council provides information, education, networking and recognition opportunities for its members and represents NAHB on seniors housing issues. For more details, e-mail Jeff Jenkins or call him at 800-368-5242 x8292.
NAHB Members: Subscribe to 50+ Housing e/Source
50+ Housing e/Source, the regular e-newsletter of the NAHB 50+ Housing Council, is a builder's guide to the emerging, evolving 50+ housing market, offering industry updates as well as important NAHB and council news. Distributed once a month, 50+ Housing e/Source details information, products and services within the 50+ housing market that will enhance your bottom line. Go to the NAHB Web site to subscribe.
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