Joanne Broadway, managing director of real estate for Greystar, has been in the business for more than 20 years, so she’s seen a lot when it comes to rental trends. But when Greystar decided to focus on housing trends among baby boomers (age 55–70), even she was surprised by what they discovered. And it prompted a network of hospitality-centric, luxury apartment communities designed specifically for renters aged 55 and older.

They want to live with their peers

In their initial research, Greystar discovered two critical trends in the markets they serve: The homeownership rate of baby boomers dropped over the last eight years; and there’s an increase in boomer renters. In a comprehensive study of consumer housing trends, Zillow Group found that boomers are more likely than any other generation (26 percent) to consider living in a duplex or triplex where they live independently, but close to others.

“We found that active adults over 55 years old are looking to downsize, but also retain a peer community,” Broadway stated. “Their desire to connect and socialize is driving their decision for a new apartment home, which ultimately is based on choice versus needs.”

Greystar used their research findings to create a resort lifestyle — but forget about shuffleboard and mall walks. These are active adults who want amenities that enable or complement the lifestyle they currently enjoy.

“Many are looking for a well-rounded fitness program that includes yoga, tai chi and water aerobics,” Broadway recounted. “They also want Happy Hour opportunities for entertaining and socializing, and concierge services to assist with any and every need.”

Boomers want the bling

Greystar created new conventional communities with special attention to designer finishes and high-end fixtures like stainless steel appliances, large basin sinks, granite countertops and vinyl plank flooring.

“Boomers want custom home features and a maintenance-free lifestyle that entices them to sell their homes,” Broadway noted.

Make room for tech

Broadway also found that boomers’ most desired amenities included accommodations for their technology.

“Our assumption was they would be more traditional and request basic interiors, but that wasn’t the case,” Broadway recalled. “They asked for USB ports in the kitchen to charge their iPad or iPhones; plus, our communities offer social media courses to become savvier with technology.”

But perhaps it’s not a big surprise to find this generation embracing technology. Zillow Group found that when searching for a rental home, the majority of boomers use the internet (67 percent), talk to landlords (66 percent) and reach out to property managers (56 percent).

Greystar continues to follow the trend of providing resort-lifestyle housing for active adults. Currently, they have nine 55+ active adult rental communities leasing and accepting move-ins across five states — Texas, Florida, Colorado, Nevada, and California. Eleven more communities are pre-leasing, and another 11 are scheduled to open in 2017 and 2018. Broadway sees the rental trends among boomers continuing along the same lines: living well, close to friends and family, and where the vacation never ends.

“The initial response to our active adult rental communities has been extremely positive,” Broadway remarked. “Many of our residents were delighted to find out that this type of community was now available to them.”