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Categories of Senior Apartments
The three pricing categories of apartments (although
all may not be available in any one market) are:
- Market rate
- Above market rate, luxury rentals
- Affordable
Market rate are just that. They offer unit size and numbers of bedrooms and baths
as non-age-restricted rentals in the area at a competitive monthly rate, or
occasionally 10-15% under general age-occupancy market-rate rents. The senior
orientation of the age restricted
community may however offer different amenities and other advantages geared to the
needs and preferences of seniors.
Above market rate, luxury rentals are a relatively new phenomen for the age-restricted
market. We see them appealing to the affluent senior wanting a "home" in a
second city, or wanting to be free of maintenance without giving up luxuries. Some high
end age-restricted properties definitely offer "snob" appeal.
Affordable apartments for seniors (sometimes 55+, more often 62+) are in high demand and
short supply. Social, cultural and medical changes have certainly contributed to the need.
Contributing factors are:
- Predominence of women among the 65+ population and their lower retirement income
- High divorce rates among women now 55-80
- Out-living husbands resulting in lowered retirement income
- Unplanned longevity leading to out-living ones financial resources
Affordable apartments have been created by government programs since the 1930s. What is
defined as affordable in one community may not match the definition of affordable
in another community. Housing is "affordable" if one pay no
more than 30 percent of their monthly income for rent and utilities.
To provide housing that is "affordable" government relates affordability to
the county median income.
Housing labeled "affordable", indicates someone who earns (or receives) the median income
in that county must not have to
spend more than 30 percent of that income to pay their rent and utilities.
Programs that provide opportunites for affordable housing are structured or
defined by regulations from federal, county or city government legislation.
- "Vouchers" enable a qualified recipient to rent a market-rate home or apartment and the voucher
assures the landlord that the renter will pay 30 percent of his or her monthly income
toward the rent and the difference between that portion and the market-rate rent
will come from the government entity granting the voucher.
- Bonds may be through city or county redevelopment programs, and use the
money raised from the bond sale to fund and subsidize specific development of housing
for "lower" income people. Bonds may specify what percent of the median income someone
must have to qualify to rent in their building. i.e.You may be restricted to make
no more than 50 percent of the median income in the county. Perhaps the funding of the complex specifies
that you can make no more than 120 percent of median income. The funding
is specifically tied to the complex, or specific units that are
"affordable".
- Funding can also come from grants, community, government or federally based.
The grant money functions similarly to bond money, designating percent of county median
income at the time of the grant.
- Tax credits are another way that the federal government may encourage development of
affordable housing. By awarding tax credits (money deducted from a company's federal tax
obligation) in exchange for developing apartments within restrictive guidelines. In the past
many years we see properties developed to offer affordable apartments that combine tax
credits, grants and bond measures.
The most commonly-known rental vouchers are Section 8 vouchers which can provide
renter-based benefits to a qualified renter.
They provide rent subsidies so tenants who hold them do not pay
more than 30 percent of their adjusted gross income for rent.
To find out about affordable housing opportunities in an area, contact city or county
housing agencies. Local senior centers and Area Agencies on Aging may also be able to
identify affordable housing or even outline the steps for getting onto waiting lists.
Because of
undersupply, waiting lists prevail in almost all regions for affordable rentals.
Congregate
Housing and multi-level campuses offer what they
call Independent Living. They
offer services for those in their own "apartment". These services may be
optional and charged separately above rent. Shared meals,
transportation and housekeeping are
among the most common services provided. This housing type
differs from the conventional notion of an apartment and
therefore is defined separately with Congregate Housing
or Assisted Living
since that is the one
common element for multi-level offerings. The Independent Living offering is
most appropriate for those not able or willing to continue living alone. Recently we have
seen senior apartment buildings add services to retain
their frail and aging residents. We considered them apartments
with added congregate services.
Things to Consider When Apartment Shopping
- Parking convenience to the living unit.
- Lighting and security around parking.
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Storage
- Are there a lot of closets and cupboards?
- Is their common storage for an additional fee?
- Stairs.
- They may be a deterent or a means
of staying fit.
- Distance to shopping - walking or riding.
- Public transportation availability and
convenience.
- Distance to medical facilities and doctors.
- Security.
- Total complex access from external
streets.
- Individual apartments
- Intercom to front door, apartment
entry and front desk.
- Safety pull cord in unit.
- Grab bars in bathroom and tub area.
- Cabinet and counter height.
- Shower and/or tub arrangements to meet
your present and future needs.
- Management quality and experience.
- Ammenities on site:
- Pool.
- Spa.
- Clubhouse.
- Laundry availability.
- Services and activities available or
provided.
- Distance to relatives.
- Greater community cultural activities.
- If you are eligible for subsidies, do
they accept rent vouchers?
Begin A Search
To get started looking for apartments visit
Resources By State to see what options
are listed in your state.
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