Boomer Rising

In preparing for a recent trends session delivered this week, an interesting article really caught my eye and stayed with me. It's straight from USA Today and the Census Bureau, published September 18th - some excerpts below:

People 54 or younger are losing ground financially at an unprecedented rate in this recession, widening a gap between young and old that had been expanding for years.
While the young have lost ground, older people have grown more prosperous over the years and the decades. Older women have done best of all.

The dividing line between those getting richer or poorer: the year 1955. If you were born before that, you're part of a generation enjoying a four-decade run of historic income growth. Every generation after that is now sinking economically.

Household income for people in their peak earning years — between ages 45 and 54 — plunged $7,700 to $64,349 from 2000 through 2008, after adjusting for inflation. People in their 20s and 30s suffered similar drops. Older people enjoyed all the gains.

The line between the haves and have-nots runs through the middle of the Baby Boom, the population explosion 1946-64.

So, other than my financial life should stink, what is there to learn from this article?

If you are a developer, get past your intrigue with young professionals and move on to building communities for older Americans. There are more of them, they have the most money and they are most likely to downsize in the next ten years and choose a rental lifestyle. Build and rehab communities that they would find appealing and desirable. That doesn't mean Geriatrics, 101; it means keep them in mind. Utilize flooring easy on knees and hips. Place microwaves below counters, rather than above, to minimize "reach" distance. Incorporate outdoor space into floor plans and build clubhouses designed for socializing and activity. Consider amenities like greenhouses, hobby rooms with workbenches, marked walking paths and bicycle checkout.

Many older Americans serve as the family matriarch and own large dining room tables. They want to be able to accommodate extended family for special events. If you are able, build floor plans that compliment their lifestyles, rather than force changing the family dynamic. Consider offering an attractive guest suite,to house out of town guests, and hire salespeople that understand, and are part of, this profile.

Older Americans will respond well to the freedom and no maintenance lifestyle renting offers. They also value certain qualities a single family home historically provides; entertaining opportunities, outdoor space, garages/storage, familiar neighbors and privacy. Provide solutions to these potential drawbacks, and they will come.

You Will

Have you ever taken an apartment reservation, from a billboard display? Repaired a resident's dishwasher, before it broke down? Have you ever taken a rent payment, from an RF chip?

You will.

The multifamily industry is in need of visionary thinking and leadership. Not trend-humping distractions, but true innovative, risk loaded change. Property management needs to evolve how it thinks, and inspire new ways of thinking, from high rise corporate offices to the leasing office break rooms.

While not all of the predictions in these AT&T commercials from the early 1990s came true, enough of them did to make you raise an eyebrow. Who will step up and solve the problems of too many leads? Without the creativity to map the vision, and the tenacity to follow through, what difference would it have made.

And c'mon ladies, Tom Selleck rocks it, you know he does.