Acing the Senior Living Market

The senior living market has become more competitive than ever. The National Investment Center for Seniors Housing & Care reported that occupancy fell to eight-year lows at one point last year. Operators face workforce challenges and aging in place is becoming more desirable. Whether independent living, assisted living or memory care, senior housing properties are being forced to rely on branding more than ever to stand out. Branding messages are being tailored to deliver the ultimate resident living experience. They are more active than previous generations, and, for many, social media and using online services is a part of their daily routine. Seniors seek adventure, community engagement and a comfortable lifestyle. As many older Americans have started to downsize, they are looking for communities that will allow them to maintain their active lifestyles while also providing the ability to age in place. Many active Baby Boomers seek communities that offer independent living and assisted living on the same campus as they prepare for the future. According to LeisureCare, communities that provide a wide range of care services ranging from hands-off independent living to assisted living services and memory care allow residents to stay in their apartments and in their communities where they are known and loved, even as their needs change over time. The dynamics of senior living are changing This new generation of older Americans has changed the senior housing property management playing field. Successful operators are putting emphasis on embracing this lifestyle to attract older Americans through improved amenities that include not only home stylings but services, and educational and recreational activities brought to residents through technology. Senior housing operators must be able to deliver the ultimate resident living experience while keeping an eye on the ball at all times. Sometimes it is no easy task, especially during market chan...