Why Senior Housing Costs are Falling

Great deals on senior apartments from $500 per month can be found by scouring the internet.  Use the information below to help guide your search.


Many affordable senior housing options exist on the market today if you know where to look for them. It may worry you that there are not enough housing options for seniors who wish to downsize, but in many instances senior housing costs are actually falling. This means that seniors looking to capitalize on these lowered costs and incredible incentives offered by many landlords have more choices than they might have thought. There are several reasons why senior housing costs have become more affordable, including the Covid-19 effect on the market, rental units left on the market for more than three months, and the growing enthusiasm for Recreational Vehicle (RV) living full time.

Covid-19 Impact on Senior Housing Options

The year end report for senior housing rentals did not please many stakeholders in 2020. Covid-19 impacted housing in a significant way because more renters and condo owners were opting to stay in their current situations, or opted to end their leases and move in with family members in areas where the virus was more contained. This left many apartments empty which forced many landlords to go to extreme lengths to incentivize potential renters into considering their apartment community. Senior living communities were also hard hit as many potential residents opted to put off their move into senior communities because of the pandemic. The impact of the virus on the rental housing market has benefited the savvy consumer because landlords are ready to negotiate for lowered monthly costs, waived application fees, or free premium upgrades.

New Construction Rentals are Suffering

The pandemic offered no favors to those apartment complexes that were in the process of construction, or had just completed construction. When the pandemic hit almost everything across the nation halted. This included forward movement on construction projects, or advertising of new units on offer. This meant the units sat vacant for many months, leaving many shareholders wondering if they were ever going to recover their investment. In an attempt to recover their lost momentum many newly constructed communities are offering a wide variety of incentives to get stable renters into those units. Seniors often receive heightened consideration because of their maturity and predictable income.

Small Apartments are Overlooked

Many seniors opt to leave their large family homes in order to downsize to a more manageable square footage. Whether you are considering a condo that you own, or an apartment you can rent, seniors have the advantage when it comes to housing costs because most non-senior renters are looking for the larger apartments or condos. Seniors benefit from their ability to live in a smaller space, and therefore gain lower costs but also higher quality and amenities.

Staying Safe While Hunting for Housing

One of the largest reasons senior housing costs are falling is because of the fear many seniors have when it comes to finding a place. They envision walking through one place after another, possibly exposing themselves to the virus. However, there are professionals who can do this for you, making it incredibly easy to find the good deals on senior housing in your area. Housing locators speak with you over the phone or through a video platform such as Skype or Zoom. The locator will gather information on the type of housing you want, the potential locations you will accept, and other factors that are important to you in a housing situation. Then, instead of your feet pounding the pavement, the locator does that for you. He or she has a working relationship with most real estate agencies as well as apartment complexes and can find many options for you to choose from.

Once several locations have been obtained you receive information on them and you select which of those you are interested in. The locator will use video technology, such as facetime, skype or Zoom, to physically walk through the apartment or condo so that you can view the unit as if you are there. Along with this you get printed reports on each place. Only after you have viewed the unit in this way do you schedule to be there in person to give it one final assessment, and if it agrees with you, to sign the paperwork. This allows you to stay safely at home until your choices have been narrowed down to just a few. Find apartment locator services in most major cities, and on such task sites as Thumbtack.  

The Impact of the Recreational Vehicle

In a reaction to the limiting potential of a deadly virus, many homeowners and apartment dwellers realized that they could live as well in an RV and see the country while they were at it. So many people purchased RVs in 2020 that many RV dealerships sold out of inventory, or had to place people on wait lists. Seniors who longed to continue traveling, but who were uncomfortable staying in hotels or Air B&B rentals opted for travel trailers, fifth wheel, or motorhomes as their primary residences. As a result, many senior housing rentals or condos remained open, and are still vacant. This has driven the overall cost of senior housing to fall to lower than normal pricing. This also rings true for senior assisted living communities, over 55 retirement communities and other senior based living communities.