Recruiting adult learners has become a popular tactic for colleges and universities looking to diversify their enrollment beyond the traditionally aged student. A growing number of institutions are taking it a step further, attracting seniors with university retirement communities.
At least 80 institutions now host or are formally connected to a senior living facility, with new communities emerging to accommodate an aging U.S. population, says Andrew Carle, lead instructor for senior living administration at Georgetown University.
“Baby Boomers are seeking active, intellectually stimulating, and inter-generational retirement environments. It’s an intuitive fit for this generation of retirees and a strategic opportunity for universities and senior living providers.”
A university retirement community blends the typical housing experience of a senior living facility with the on-campus offerings of a university. Residents typically gain access to an assortment of amenities, such as events in athletics and the fine arts, as well as libraries, concerts, dining halls and more.
Varcity at Texas A&M recently announced that it will open its 15-acre retirement home facility at the end of the year, featuring villas, townhomes, and one- to three-bedroom flats.
Read more on college innovation: Why this small university’s campus sale offers new look for sector
Residents at Texas A&M University will get the chance to mentor students, reflecting many colleges’ efforts to deepen intergenerational diversity.
For example, the Musicians in Residence program at Arizona State University provides senior residents living at Mirabella, the university’s retirement community, with music programming and instruction from graduate students.
“Students also benefit tremendously from the opportunity to learn with and from the most experienced people in our society,” Lindsey Beagley, senior director of lifelong university engagement at Arizona State University, said in a statement. “It’s a win-win for everyone.”
Yes, money matters
University retirement communities also provide institutions with new revenue streams. Southern Oregon University, which began requesting bids to assist in building a 4.3-acre senior living facility by fall 2027, believes its venture “has the potential to create a whole new demographic of SOU students and community members … and diversify and stabilize university revenue.”
“This is an exciting moment for our university,” said Rick Bailey, president of Southern Oregon University. “As we endeavor to reimagine the fiscal model of the institution, entrepreneurial ventures like this one will help us transition from being solely dependent on state dollars and tuition for our revenue sources.”
Monthly rent for most facilities will cost anywhere between $2,000 and $15,000, depending on the level of care required for senior learners. While such “tuition” is a non-starter for most working adults today, Baby Boomers currently hold about half of all wealth in the U.S., Fast Company reports.
Certifying university retirement communities
Arizona State University and Furman University in South Carolina became the first two institutions to earn a credential as a “University-Based Retirement Community,” with the latter earning its credential this past June.
While university retirement communities have existed in some form since the 1980s, credentialing institutional efforts can help set the standard as more developers rush to cash in on a growing market, Carle says. More than 4.1 million Americans will turn 65 over the next two years, according to the Alliance for Lifetime Income, a nonprofit focused on protected retirement.
“Baby Boomers are the most highly educated retirement demographic in history,” he says. “They don’t see themselves as old, and they want to stay connected to the larger society.”
A five-criterion model can help colleges and universities create the most attractive retirement community. The framework was created by Carle’s recent venture, UniversityRetirementCommunities.com, which launched in 2023.
- Proximity to the host academic institution
- A continuum of services, which can range from independent living to around-the-clock nursing support
- Formalized programming between the community and the academic institution
- A formal relationship between the community and the academic institution
- A resident population made up of at least 10% of alumnae, retired faculty or staff
“With university retirement communities drawing residents from hundreds or even thousands of miles away, retirees deserve to be able to identify the ‘Best in Class’ communities within the growing sector,” Carle says.
