Central Station luxury apartments in Evanston, Ill., appeals to boomers because it's newly built and offers a maintenance-free lifestyle in a walkable location.
Homebuilders and multifamily developers have long been preparing for the "silver tsumani" as some 76.4 million baby boomers retire and move out of the homes where they raised their families. But what, specifically, is this generation looking for in a new home? When Multifamily Executive posed the question, we knew that Taylor Johnson clients Waterton Associates, RMK Management Corp. and Red Seal Homes would have the answer. New construction, ample storage and a maintenance-free lifestyle were all at the top of boomers' wish list, while others simply enjoy the financial flexibility of renting, which allows them to reinvest proceeds from a home sale to meet the income needs associated with retirement.