The senior living landscape is dynamic, and increasingly competitive. To keep up with booming demand and shifting trends, innovative approaches are emerging to meet the needs and preferences of today’s seniors. One of these rising models is the university-based retirement community, a senior living concept that offers the amenities and health offerings of a traditional senior living community and the intellectual stimulation and vibrancy of a university setting. 

This retirement model offers benefits not only for residents, but also senior living providers and universities. Here, we’ll define what a university-based retirement community is and how it differs from a traditional offering and explore the unexpected benefits and development opportunities.

What Are University-Based Retirement Communities? 

These types of senior living communities centered around learning and academic engagement. These communities are strategically located near and/or affiliated with universities and offer access to a variety of classes and social activities, as well as campus libraries. While all are generally welcome in these communities, this option is especially popular among those with advanced degrees.  

The Difference Between a Senior Living Community and a University-Based Retirement Community 

There are several differences between a traditional senior living community and a university-affiliated retirement community. Both types of communities serve older adults, either 55+ or 62+. They are designed with the needs of older adults in mind, including accessibility, healthcare options, amenities and services. 

The unique perks of this type of community include the ability to audit (or even receive credit for) university courses, attend campus activities and events, and access to campus amenities like libraries and common areas. 

The Benefits of University Retirement Communities 

The novelty of this type of community has drawn interest from universities experiencing declining enrollment as well as senior living providers seeking a niche offering. They also offer numerous benefits to residents.  

Benefits to Residents

The Boomer generation is the most well-educated generation of older adults in history. In a university-based retirement community, these seniors can indulge in their love of learning, immersing themselves in university social and recreational activities, as well as educational programs and cultural events. Best of all, they can do so in an environment that fosters intergenerational interactions and relationships.

Interacting with younger people can stimulate cognitive function, keeping the mind sharp and engaged. Serving as mentors or advisors to younger people can also provide a sense of purpose and fulfillment. 

The setting also fosters personal growth and community involvement. By emphasizing lifelong learning and intellectual stimulation, these communities are a unique alternative to traditional retirement living options that may not appeal to certain audiences.

Benefits to Universities  

Decreases in student enrollment have left many universities with a revenue shortfall. Enrollment in two-year and four-year high education programs peaked in 2010, and has declined ever since. Colleges and universities find themselves competing for a shrinking pool of students, while one key demographic — older adults — is actually increasing. 

Universities find that partnerships with senior living providers offer potential revenue-generating opportunities that many times using excess land on campus can help make up for declining enrollment.  

Benefits to Students

Students also benefit from these partnerships, which offer occasions for intergenerational connection and mutual learning outside of peer-to-peer relationships. Seniors are able to share wisdom with students, providing guidance on academic and career matters. Often, this leads to Seniors becoming mentors or advisors to students in both formal and informal capacities. This also opens up the possibility of larger networking opportunities and even internship connections, enhancing students’ job prospects. 

Benefits to Senior Living Providers  

Senior living providers find that these types of communities provide a unique selling point, attracting older adults who value lifelong learning and academic life. Resident fees, partnerships, and philanthropic support can all play a role in the community’s financial success. 

There are also opportunities for mutually beneficial collaborations and additional partnerships. For instance, it may be possible to offer a reduced tuition rate for senior living community employees, giving providers the opportunity to both invest in their people and use this unique perk to attract talent. 

Developing a University-Based Retirement Community Model 

Universities and senior living providers must work together to develop a resilient community model. Having a strong senior living development partner like LCS Development that understands the complexities of these relationships can help. A good development partner can guide the master planning process and bring both the provider’s and university’s visions to life. 

For instance, many universities realize as they explore this model that simply offering housing and amenities to seniors isn’t enough. Similarly, senior living providers need to ensure that any affiliation they have with a university is intrinsic to their differentiation and not just an afterthought. An experienced development partner can help both universities and providers leverage their strengths to create an ideal partnership that serves both entities. 

Explore Development Opportunities with LCS

If you’re looking for innovative ways to develop new senior living offerings, LCS Development, An LCS Company, shares your vision and passion for reaching your community's unique goals: from concept through completion to presales and buyer retention. Learn more about LCS Development’s experience with university-based senior living communities here. 

As a trusted leader in senior living development, LCS Development has a unique combination of expertise that can assist you at every phase of every project. Contact us at 515-642-1744, or complete the contact form below.