Handicap accessible apartments or duplexes - market demand?

Question

I am interested in the market for handicap accessible apartments or duplexes. I am thinking of buying Class C one story garden apartments or duplexes and remodeling them into handicap accessible units. This seems like a great value add that would bring a higher rent ~ maybe another $100/month (or more) above a normal market rent for a 2BR 1BA unit. This seeems to be an un-explorered niche in Oregon. Thoughts?

Shelly Doris Milburn · Answer

I am a fan of accessible rental property for several reasons.

1. aging population - there will continue to be a growing population of older Americans that will need rental housing. It will have to be accessible even if only for convenience. I also believe that obesity will lead to a growing number of people that will benefit from homes that are easy to navigate. People will continue to want to age in place and accessibility is key.

2. childrens needs - i encounter people on a fairly regular basis who have children with mobility issues or other disabilities. A home that is easily navigated is a huge help to improving comfort level for the whole family.

3. home health care access - i have heard several success stories from investors that specialize in rental housing that is accessible and also equipped for long term care needs. They rent homes to multiple residents. Those residents have regular home health care visits and the homes are equipped or oxygen, medical monitoring, access by contracted professionals (meal delivery, nursing, physical or occupational therapy),etc. the residents have private bedrooms and bathrooms but share living and dining areas.

Good luck!

Ed Chamberland · Answer

Shelly - thanks for your reply. I wasn't monitoring the BP site so I haven't chimed back in.

I agree with your reasons. I am looking at a 10-unit purchase (5 duplexes).  The are early 1980's construction - nice compact and orderly site. While I haven't been inside one of them yet, they seem like a perfect property to remodel / upgrade to something that serves the needs you noted above. I especially find #3 above interesting - home health care access. As part of it, you bring up renting bedrooms instead of units. It seems somewhere between independent retirement living and assisted living. I don't much about either, so I'm in learning mode.

I think part of my plan will be to connect with someone already in that industry (in Oregon) who can advise me on an affordable but efficient remodel plan to have the accessibility and home health care services needed.

Thanks again...