Constructing for lease and living in previous age – Higher collectively – Actual property and development

UNITED KINGDOM:

Building for rent and living in old age – better together

June 15, 2021

Shakespeare Martineau

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The challenges faced by the retired housing sector over the past year have shown that a change in approach is needed to improve its reputation and services. One way is to partner with the build-to-rent market to create a new type of community that young and old alike can benefit from.

What is for rent?

Simply put, a build-to-rent property is a private residential property built and designed specifically for the rental market. Typically owned and managed by a company rather than a private landlord, these homes are located in special complexes that come with a variety of perks such as concierge services and recreational facilities.

Find common ground

Although they are aimed at different target groups, both the residential construction and senior housing sectors have relatively similar goals and offers. With the goal of creating quality housing that people want to live in, there may be some lessons that each can learn from each other.

It’s not uncommon for both rent and retirement homes to offer residents a range of facilities and things to do, from gyms and swimming pools to movie theaters and game rooms. By providing access to on-site care and health facilities as well as to leisure facilities, rental apartments could open up to a broader, cross-generational population group with a focus on inclusivity.

Building a community

The advantages of a cross-generational approach are obvious for the residents. Older people often gain new lives when they interact with younger ones, and a mixed generation complex will facilitate these interactions.

To encourage a sense of energy among residents, those who are retired will rather keep up with it than slow down. However, all medical needs can still be met with the same high quality care services as in a traditional retirement home, as well as other conveniences such as security or concierge services that make life safer and easier.

By building a complex that will suit all generations, developers can nurture a diverse community that will ultimately benefit residents of all ages.

Commercial advantages

The cooperation between the two sectors also offers a number of economic advantages. These are:

  • Growth potential – Caring for more people increases the likelihood of financial growth and income security.
  • Optimized planning – Having a multigenerational community means that developers do not need to apply for two separate building permits (one for traditional rental apartments and one for retirement homes).
  • Accessible design – By thinking beyond a specific target audience, developers can attract more people through improved inclusivity and thereby achieve longer-lasting appeal. Examples of accessible design include wider door frames, ramps, and elevators.

Since both sectors are ultimately pursuing the same goal, developers for rental and old-age housing should examine how they can work more closely together in the future. From direct financial gains to building a thriving and inclusive community, the two sectors can create homes that everyone will want to live in if they work together.

The content of this article is intended to provide general guidance on the subject. You should seek expert advice regarding your specific circumstances.

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