What are the biggest areas of opportunity in ancillary services in seniors housing? Dining presents opportunities By Andrew Agins Partner Evolve Senior Living An interesting opportunity for ancillary revenue is to curate an elevated dining experience for our residents. We will always offer the traditional menu that is included in the base rent. However, for an additional fee, we can design a special dinner for a smaller subset of residents. For example, our chef can prepare a progressive tasting menu or a steakhouse night. If residents opt in, they can …
By Ed Cadavona, Managing Partner, AO With a growing need and rising costs, building affordable housing continues to be a major challenge in the Golden State, California. The demand for housing exceeds current supply with the California Department of Housing and Community Development (HCD) estimating the need for 2.5 million new homes over the next eight years, with approximately 1 million designated for lower-income households. The issues are complex, requiring the state, cities, developers, financiers, communities and architects to come together to overcome the deficit of affordable housing for families …
By Adlane Fellah, Chief Analyst, Maravedis LLC The U.S. population continues to age rapidly, and this aging boom has a multifaceted impact on the seniors housing industry. Baby boomers make up an increasingly large share of the senior population, and they are living longer and healthier lives than the generations before them. The National Investment Center for Seniors Housing & Care (NIC) estimates over 600,000 additional units will be needed by 2029 to maintain the current penetration rate. In this article, we look at some connectivity trends based on our …
By Joy Silver The scarcity of affordable housing is already a prominent crisis in communities across the United States, and it is even more acute and pronounced for seniors — a population that often finds themselves overlooked and underserved. How did we get here and what’s the best way to bring solutions to the table? Demographic shifts and “the 2030 problem” The demographic landscape of the United States is undergoing a significant shift, with baby boomers constituting the nation’s fastest-growing subpopulation. By 2030, every single baby boomer will be 65 …
Seniors housing owners and operators are dealing with dramatic increases in costs, but there are ways to both mitigate and plan for these additional expenses. By Brian Jurutka Since the beginning of the pandemic, property and casualty (P&C) insurance rates for seniors housing have increased significantly. The increase, however, has been driven not just by one factor, but by a combination of factors. To grasp the dynamics, it’s important to look at the two types of P&C insurance separately: Professional and general liability (PL/GL) and property insurance. PL/GL covers …
By Becky Trybus, CHID, EDAC, RID, IIDA Senior living design is now squarely focused on the already-here and not-yet-peaked baby boomer generation. This generation grew up with higher household incomes and in a blossoming consumer-based society. Living longer with money to spend, boomers make up the largest demographic in the United States. Health, wealth and quality experiences embody this segment of our population, so it’s no wonder why they’ll expect this to continue in their later years. Let’s explore how these key generational traits translate into the built environment, practical …
Industry stalwart comes out of retirement to launch a national operator with his former colleagues. By Jeff Shaw Larry Cohen knows a little something about growth. He spent 22 years (19 of them as CEO) at Capital Senior Living, which in 2021 changed its name to Sonida Senior Living (NYSE: SNDA). Cohen grew the company’s portfolio from 27 communities with a resident capacity of approximately 5,000 to 129 communities with a capacity of approximately 16,500 residents. He oversaw the boom years of the company, which saw stock prices peak at …
How can the owner of an older property improve the ‘wow’ factor to better compete in the marketplace? Play to your strengths By Megan Longley Vice President, Sales Acts Retirement-Life Communities The most important way to “wow” is always in the human element of the first impression. That is what prospects are really registering and making the decision against: Warm greetings, staff introducing themselves in the hallways, happy and engaged residents. To compete, all of us must pay routine attention to curb appeal — that means signage, landscaping, easy car-to-curb …
By Julie Ferguson, executive vice president, senior living, Ryan Cos. In less than a year, the oldest baby boomers will begin turning 80. By 2030, the youngest will be 65 or older. Not only are baby boomers the largest generation, but they are projected to cause seniors to outnumber children under the age of 18 for the first time in U.S. history by 2034, according to the U.S. Census Bureau. As time drives forward, the need for seniors housing rises. The National Investment Center for Seniors Housing & Care (NIC) …
Interest rates have more than doubled and capital market activity is down all while operations seem to be improving. By Alex Loo, director of originations, Hudson Realty Capital It’s now been four years since the COVID-19 pandemic first swept the globe. The seniors housing and healthcare industry has since experienced many substantial transformations after having endured the government-imposed move-in bans, difficulties in hiring permanent staff, and the reluctance of older adults to transition to assisted living facilities. Recent data from NIC MAP Vision shows that in October, the occupancy rate for primary markets …