BUILD TO RENT - A solution for the older generation?
What’s the problem?
According to local government studies, there will be a 400,000 deficit of Later Living accommodation by 2030, indicating that there is an urgent need to increase the provision of homes for persons in their later years. This is one of the challenges that the senior living industry will encounter in the upcoming years and have underlined the need for a shift in mindset to improve the sector's image and offerings going forward into 2022.
Not only are the elderly at risk of housing shortages, but those who do have it often feel lonely and isolated from society. When an ageing person's spouse passes away, this may sometimes result in the elderly person inheriting a residence where they are alone and cut off from all other forms of communication.
By 2025/6, the number of over-50s who are lonely is expected to exceed two million. This compared to roughly 1.4 million in 2016/7, a rise of 49% in ten years.
Building to rent and the communities that can be created through the type of amenities and services provided, particularly when a build to rent block is created for a specific demographic or style of living is highly beneficial in attempting to reduce the high levels of loneliness within the elderly population
Loneliness is not isolated to the above scenario either, Other common triggers include retiring from work, having reduced mobility, or being unable to take part in activities they enjoy. Sometimes there is no obvious reason for the feeling.
How can build to rent improve elderly living?
Seniors are delaying adopting interdependent living, preferring to age-in-place, and are increasingly wanting more metropolitan surroundings and linkages to communities and culture.
Working with the burgeoning "build to rent" sector (BTR) to establish a new type of community that will serve a variety of populations, including the elderly, is one potential for finding answers.
It is critical for the elderly to have houses that are constructed with them in mind, and BTR projects may frequently assist in this regard in a variety of ways.
By incorporating the operationally efficient design concepts of BTR into Later Living, such as furniture procurement from specialist providers as part of the initial build, retiree residents hope to enjoy a significantly higher level of comfort than is currently available in many retirement homes.
The Build to Rent concept may and should be centred on a combination of principles that build a sense of belonging for both residents and the greater community when it comes to the elderly and how they should live. This is even more important now that people are spending more time at home and in their neighbourhood bubbles.
What are some of the functions build to rent properties can include?
Build for the rental market. The necessity of having a supported living option and the appropriate health care built in is a priority for projects that are developed with aged living in mind. Supported living communities offer secure settings with access to activities, entertainment, and transportation, as well as additional services such as housekeeping and nursing care - all beneficial in providing comfy elderly living.