As you can imagine, senior housing is an important topic for boomers and seniors today. Where to live and perhaps more importantly, how to live, are important considerations when one is no longer able to live independently in their own home. The senior housing (or as some call it, senior living) industry is also BIG business for some. There are big bets being placed on what regional markets will be the next best city where you can retire for less, and how to provide services that meet local demands.
One of the interesting trends we’re seeing is the movement out of the suburbs and into the cities for some retirees. Unfortunately for those that want to move in close, there is much demand but little supply. The Washington Post reports; “Today, relatively few viable residential options for seniors exist within central cities or densely developed urban areas near city centers. Most senior housing is located instead in low-density suburbs or in small towns, where land is cheap and development costs are lower.” That means that both private and public investment will begin to focus on this area as the incredibly affluent boomer market will begin to force their hand.
Senior Housing Trends
A recent report by Senior Housing News also identified some interesting senior housing trends for 2015, most notably:
- The role of technology and services that allow people to live independently will skyrocket. (See our reports on medical alert systems for an example of technology in demand.)
- Cost effective senior living solutions are more important than ever. As folks live longer, their savings become stretched and stretched. Many are unprepared for the high cost of senior housing, and the role of inflation on their budgets.
- Remote monitoring technology for those that are aging-in-place will continue to grow. These solutions provide connectivity to those that choose to remain at home, and/or live independently. The “services market” around connectivity solutions like GrandCare Systems, HealthSense (and others) is going to explode.
- Employee turnover at senior housing facilities matters. Not only can it affect the bottom line (employee recruiting, training/re-training), but it also affects the moral of the residents, AND can adversely affect patient care.
- Brand management is a bigger deal than ever before. Consumer trust today is paramount, and the internet makes it easy to help or hurt a senior housing community’s reputation in the local (or national) landscape.
What senior housing trends are you seeing in your local communities? Tell us in the comments below!