According to a recent study from the Urban Institute, there will be more than 46 million senior households in the U.S. by 2030.

In addition, this generation is moving out of their homes into rental apartments. In fact, the study estimated that the number of renters who are 65 or older will be 12.2 million by 2030.  This is more than double the level of renters for this demographic in 2010.

With many baby boomers downsizing their lives and embracing apartment living, it is clear that this trend would have a significant impact on real estate development in the D.C. metro region. In fact, Kettler’s new VITA project in Tysons is already seeing a high-level of demand from baby boomers.

Baby boomers are seeking more flexibility and less maintenance by moving into apartments. Many people in this demographic also experienced the impact of the housing downturn during the recession, and don’t want to take on the risk of buying another home.

The Tysons region is optimal for baby boomers because it offers the amenities, eventual walk-ability, and potential access to their children and grandchildren who may live in the Virginia suburbs or are just a short flight away. Tysons  also offers quality apartments, and property taxes when compared to other local jurisdictions, which is ideal for baby boomers who are ultimately looking for long-term retirement housing options.

This podcast is part of the CRE Insider Podcast Series hosted by Ross Litkenhous.