COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing. In fact, 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard.
In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care facilities throughout the United States. Over the course of two weeks, 386 respondents completed the online survey.
Out of the respondents, 62 percent were for-profit providers and 73 percent identified themselves as CEOs, CFOs or owners. The majority operated facilities with fewer than 250 units and all aspects of the continuum of care were represented.
Generally, respondents reflected the belief that skilled nursing is going through trouble, with only 19 percent rating the outlook for the sector as “good” over the next three years. In contrast, 58 percent rated the assisted living outlook as “good,” and 55 percent said the same for continuing care retirement communities (CCRCs).
Other major finds of the survey include that 82 percent of respondents cited a shortage of workers as a key concern over the next 12 months. Electronic health record (EHR) adoption has continued to expand, as 88 percent of respondents said they use them.
Overbuilding concerns also persist, as 46 percent of respondents said they are “extremely likely” to pursue construction in 2018, compared to 53 percent in the previous year’s survey.
For the more information or to download the survey results, click here.