Regional Highlight: Senior Living Thriving in the Southeast
The last several years have undoubtedly been challenging for all industries as we adapt to changes introduced by the pandemic. The senior housing market is just one of the many sectors in the midst of rebirth as development rebounds and occupancy once again increases. Not only are social and technological trends driving the future of the senior living industry, but investors are once again looking for the right opportunity to move forward.
To better understand the current state of the market and where it’s going, it’s important to look at what’s happening regionally. The southeast is a market that has experienced exponential growth in recent years, Sherman and Roylance’s Jack Osteen tells us: “The southeast is a booming market for an aging population with much of the migration coming from up north and even California now.”
Despite economic headwinds, operators and investors in the southeast are ramping up and preparing for the influx of Baby Boomers. In addition, nontraditional housing models and multigenerational communities are motivating operators and developers to adopt a future-focused mindset and make room for new considerations. With lumber prices dropping and new construction picking back up, senior living is poised for a major resurgence.
Trends Driving the Future of Senior Living
While we continue to keep an eye on the fast-growing southeast market, let’s look at a few of the trends driving the senior housing market as we step into the second half of 2022:
- Staffing woes continue to create challenges for operators.
- Seniors are looking for more robust healthcare management and communities that align with their health and wellness goals.
- Operators are leveraging data insights to learn more about the current state of the market and adjust accordingly.
- As operators continue to integrate technology applications, we expect a shift from single-point healthcare solutions.
- Many seniors are looking to urban environments and interconnected communities.
- The cost of housing will continue to play a factor.
Jack Osteen and others from the Sherman & Roylance team will be attending the 2022 IF Seniors Housing SE Conference in Atlanta on August 16th and 17th, which will be an excellent opportunity to learn more about the anticipated growth in the southeast market and network with our team. Please contact Jack today to schedule a meeting or look for the SR team at the upcoming Atlanta conference to learn more about assisted living and senior housing opportunities, as well as development trends in the southeast. In addition, Jack will also be attending the 2022 NIC Conference in Washington D.C. on Sept 14-16.