This webinar from RetirementHomes.com explains why occupancy rates in Senior Housing (Assisted Living, CCRC, Skilled Nursing Homes) will decline in the next 10 years and why competition between providers will get even more intense!
- Live births hit an all-time low between the years 1925-45 (5:35).
- The average age of an assisted living resident is 87 (born in 1926). The next 10-20 years will see a smaller pool of age qualified prospects.
- More communities providing dementia care and knee/hip replacements will still not be enough to offset the decline in prospects (10:53).
- The senior housing market is highly competitive because the market is contracting. Competition between providers is only going to accelerate (13:00).
- Lifestyle improvements and technology have made diseases and conditions like diabetes less debilitating. This has reduced the need for specialized care (17:48).
- Established communities must fortify, protect and defend their place in the market. They can do this by aiming for loyalty among prospects instead of satisfaction. They must provide value (19:56).
- The senior housing industry does not want the “birth dearth” to overshadow baby boom talk (23:00).
- The “F” word (facility) is a major turnoff to prospects. People think of bathrooms or prisons when they hear this word. (35:00).