There are two groups of people who have been overlooked and underserved by many developers of luxury lease apartments, yet they are an ideal audience who can help optimize project profitability. There is a third group of affluent people migrating to Texas from larger cities, who are quite accustomed to ultra-luxury high-rise living. Dallas has done a remarkable job of developing housing for this group. Despite their differences, all these groups have one thing in common - disposable income which can activate and sustain upscale mixed-use, support higher rents, and build marketing momentum for your developments.
The first two groups consist of affluent people seeking “Simplified Living Not Senior Living-Freedom from the Big House” and those seeking “Corporate Leasing for the C-Suite.”
Two rounds of market research were conducted in the Fort Worth, TX area targeting an audience in five affluent zip codes, who were considering “rightsizing” in the next five years. See spreadsheet below for research data. 70% of the people said they would be interested in exploring alternative housing options for a more simplified lifestyle.
The next Blog “Design Expectations for an Affluent Audience Seeking Luxury Leasing” will dive into more detail on preferences for Living space and Living environment.
The first group are Empty Nesters and those who are divorced or widowed who desire freedom from maintaining a home. Many Empty Nesters and those who become single again no longer need a large home with multiple bedrooms, and they despise home maintenance of any kind. They are still working full-time; some are now managing aging parents, and parent’s homes. Something must give! Many are seeking the freedom that luxury leasing affords, however, there are barriers to entry. These barriers include insufficiently designed housing to meet their living environment/ living space preferences, and a perception that they MUST buy a smaller home vs leasing.
The second group, Corporate Leasing for the C-Suite, was discovered quite serendipitously during the research process. In addition to surveying Empty Nesters, we also surveyed real estate agents who serve an affluent market, for input on Empty Nesters. They all stated there is plenty of “corporate leasing” for employees who relocate to an area. However, there is a lack of luxury lease housing in the DFW area to suit the needs of affluent C-Suite audiences, who need time to find a new home, remodel a home or build a home. There are also C-Suite consultants who need a luxury lease apartment, when in town consulting for their corporate clients.
In conclusion, if you are a developer of luxury lease apartments, and are interested in optimizing project profitability, you might consider pursuing these groups of affluent/underserved people. Of course, with any market, there are barriers to entry, however, Generational Designs is the subject matter expert when it comes to what Empty Nesters desire in housing, backed by market research.
Please visit our website today to book a complimentary initial consultation to discuss data-driven solutions to attract this market.