Alternative Residential Conference 2018: Part Two
Following my blog last week on the topics of Build to Rent and Student Accommodation, I wanted to round off my thoughts on the Alternative Residential Conference by discussing the Retirement Living element of this asset class.
The Executive Director of ARCO (The Associated Retirement Community Operators) spoke at the conference, and stated that their Vision for 2030 is for 250,000 individuals to be living in retirement communities – this figure is currently at 75,000.
Another presentation showed that even this target will leave us behind other comparable economies in terms of the percentage of over 65’s who live in purpose built accommodation, with current estimations being that the UK figure is 0.5%, with USA, New Zealand, and Australia all being over 5%.
There were lots of other statistics regarding demographics, housing equity, and health, all of which suggested to me that this will be a major sector for many years to come.
There was also some interesting research presented regarding what the customers within these facilities look for, which were more focused on safety, security, independence / care, and community, ahead of other more obvious items such as quality of apartments, swimming and leisure facilities, and good food options.
We have excellent experience in this sector, procured though Registered Providers, Private Developers, Local Authorities, and Private Finance deals. From the discussions and presentations at this conference, this is a sector that will become increasingly important for us and the industry as a whole.