Our colleague Jake Nelson wrote this article on Tuesday in the SOURCE. We thought it may interest you if you missed it.
560 residents pass through a village in its life
As the population continues to age and the baby boomers look to downsize, having a good supply of retirement village and seniors living stock is important to any local council – but a given village may not support as many people over its life as you might think.
Suppose we have a brand-new village that sells out all of its 100 units in its first year. Most villages will turn over its resident population roughly every eight years, and it likely has a lifespan of about 32 years where it still looks good to the market.
In the first year, around 70% of its new residents will be couples and 30% singles, meaning a total population of around 170 people. After eight years, this trend reverses – 30% of new residents will be couples and 70% singles, meaning the next “generation” of residents is around 130. If the same 30/70 split persists, then over the course of its four turnovers of residents, the village will support a total of just 560 people.
All this means that a single retirement village in a local government area is not going to meet that council’s requirements for seniors housing, and the area may need five to 10 villages – or another form of seniors housing that can accommodate more people.
Food for thought!