As housing prices soar to all-time highs and our senior population is booming, one thing is for sure, apartment living is not just for students anymore! Property management companies are targeting a variety of demographics for apartment living. In fact, acording to the 2011 Census, 30.6% of Ottawa’s population lived in apartment style dwellings. Who is the target audience for apartment living?
Seniors (60 + years)
- Stats Can, “The median age of Canada’s population has grown by 10.2 years in the past 30 years.”
- This has led to an increase in seniors looking for rentals after downsizing and selling their family homes.
- City of Ottawa, “A large proportion of seniors leave homeownership to rent.”
- These seniors are looking to stay in a neighbourhood they are familiar and comfortable with while enjoying a less stressful, often less expensive lifestyle through renting.
Baby Boomers II (50 – 60 years)
- Baby Boomers II (1955 – 1965) as referred to by socialmarketing.org, are on the younger end of the Baby Boom spectrum. This segment of the population is “living healthier, more active lives preferring to downsize and live in urban centers.”(Source – pendorent.com)
- This population “prefers more-luxurious trappings, such as state-of-the art kitchens, high-end bathrooms, and walk-in closets” similar to what they are used to having in home ownership. (Source – multifamilyexecutive.com)
- “Empty Nesters – Tired of having to mow the lawn every week or repair the roof every year, sell their house and move closer to the action. Like Millennials, empty-nesters might move to be closer to work and good restaurants, cultural centers, and downtown parks.” (Source – multifamilyexecutive.com)
Millennials (22 – 30 years)
- Millennials range in life stages from single to being in a couple to young families.
- Often this demographic is low to middle income as they are only just starting out in their careers.
- Rising prices in the Canadian housing market have hit a fifteen year high and is making home ownership more challenging than ever.
- “Affordability and ability to qualify for a mortgage at the current average home prices have curtailed demand for would-be home buyers. With high unemployment, large consumer debt loads and lack of affordable housing in desirable areas, Millennials are becoming homeowners at a later age. Saving for a down payment is a challenge. They would rather rent in a desirable location (the urban centre) and enjoy a work/life balance than buy a home in the outskirts that require longer commute time and a mortgage that is 1.5 times their average annual salary.” (Source – pendorent.com)
- Millennials are drawn to “condo like” amenities, such as pools, patios, fitness centres, lounges, dog parks, etc.
Students (17 – 21 years)
- These same amenities appeal to our youngest demographic, Students (17 – 21) living on their own for the first time, often supported by their parents.
- This demographic is motivated by location (needs to be within reasonable distance to school), safety (parents want to know if their child is living in another city their safe) and to some extent price.
New Canadians – Immigration
- According to the CMHC, “International immigration, particularly from Asia, is positively impacting our economy by increasing demand in the rental housing market because recent immigrants are more likely to rent than buy in the first few years in Canada.”
- This allows new Canadians to settle into their new country without a bigger commitment financially or to a specific location.
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