As our population continues to age, senior housing is more important than ever. But with an ever-increasing demand for assisted living communities comes a need to reevaluate how we approach senior living as a whole. Throughout the last several months we’ve looked at many of the current market trends impacting the industry, as well as regulatory changes and the implications of a possible staffing mandate. While 2022 ended on a high note for senior living, there are numerous factors ushering in this new era in senior living.
Senior Living Trends
Before we explore the importance of quality in senior housing, let’s revisit some of the current trends in senior living. One trend is a move towards more active senior living communities. Many seniors today are still very active and want to remain so in their later years. This is one of the main reasons we are seeing a rise in the popularity of communities that offer a wide range of amenities, such as fitness centers, swimming pools, walking trails, and easy access to nature. Another trend is the move towards a more technology-enabled senior living space. Not only does this include telemedicine and telehealth solutions, but virtual reality experiences and better connectivity. Technology can help seniors stay connected to loved ones and provide important health benefits at the same time. Last but certainly not least, we are seeing a growing trend toward more personalized care. Seniors today want to be treated as individuals, with their unique needs and preferences acknowledged and supported. This means senior care should not be a one–size–fits–all approach, but tailored to the individual.
The Importance of Quality
The above trends are incredibly important to the future of senior living, but they are only part of the equation. What is truly crucial moving forward is a focus on quality. This means providing high-quality care and services to residents, as well as creating a supportive and engaging environment that promotes well-being. Unfortunately, it can be easy for senior housing operators to focus solely on the bottom line and ROI, but research shows that operators that are successful in balancing profit and purpose are better off. As an industry, senior housing must do a better job of striking that balance and not letting quality of care fall by the wayside. If we are going to meet the needs of our aging population and usher in this new era of senior housing, we must recognize the path we’ve been on and where it’s heading. To learn more about our current portfolio or if you have questions about how to sell a senior living facility, don’t hesitate to contact the Sherman & Roylance team.