"Builders are making homes easier to accommodate wheelchairs, lower counters, etc. Allowing that flexibility to families is very important and becoming very popular," says Dietzel.

Through a master planned community, which accommodates senior housing, seniors are able to not only be near their families but also attend senior road trips and various senior-centric activities. Developers are constantly seeking ways to capture that aging, independent demographic, Dietzel says.

Developer Affordability

With development costs sky high and land construction and labor costs also high, it is a challenge for developers to construct senior housing.

Some are finding more efficient ways for senior housing build-outs including modular construction where the housing is assembled in a factory and then transported to a site.

"With modular construction, there is no weather/safety variability which helps to expedite the construction," says Dietzel. "Some hotels and box structures are using this construction method."

Senior Affordability

Seniors typically finance their senior living expenses by selling their assets. As they try to determine their next steps, it's increasingly hard to offload their luxury or upper middle class homes to downsize to something smaller due to the urbanization of millennials.

"Millennials are renting longer and are delaying their life milestones while still living in cities," observes Dietzel. "As a result, seniors are seriously encountering a number of obstacles as they try to sell their assets to move into senior housing."