Welcome to the 2015 Concept Community. Over the next five months, Multifamily Executive will take a deep dive into the housing wants and needs of baby boomers in a project we've dubbed "Baby Boomerang."
First, a little background. The Concept Community is a multi-platform experience that encompasses twice-monthly newsletters, a dedicated website, a special print edition of MFE, and it all culminates in a keynote presentation at the Multifamily Executive Conference (MFEC), Oct. 5-7 at the Aria in Las Vegas.
This is the project's fourth year. In 2012, we looked at millennials with our partners AvalonBay and KTGY. The following year was all about student housing, and that year's crew included American Campus Communities, Fountain Residential, Humphries & Partners, and KTGY. Last year, we looked at renovation and adaptive reuse with our friends at McKinley, Dominium and RDL Architects.
This year, we'll be joined by Holland Residential and David Baker Architects on our journey to understand how boomers look for apartments, what they're looking for in units and amenities, and how serving them differs from serving other generations. Through it all, J Turner Research has been our data partner and that's really where the project starts.
The Concept Community proceeds in three phases: research, expertise, and vision. We start by surveying thousands of renters to find out what they want. We then filter that data through our developer partner for real-world expertise and feasibility. And finally, we throw all of that data at our architect partner to produce renderings of what a community would look like based on the research. And new this year, we'll be crafting a marketing plan as well.
So, not only do we generate proprietary data, we give it flesh and blood, we give it form. The finish line is at MFEC, when those renderings and marketing plan are unveiled.
Now, on to the the title "Baby Boomerang." Lovers of classic rock 'n roll may recognize the phrase as a cut from T. Rex's album, The Slider. But in this context, it's meant to convey the return of this enormous generation back into the rental fold.
Why boomers, and why now? Because millennials get a disproportionate share of the love in this industry, and over the next decade, more than half of all new renter households are expected to be boomer households. The time is right.
So sit back, relax and enjoy the ride. And if you have a boomer story to tell, please don't hesitate to contact me at Jascierto@hanleywood.com.