In senior living news, occupancy at senior living facilities has been experiencing significant shifts in recent years. According to NIC Map Vision, who are industry experts on senior housing research, data, and analysis, there are a few contributing factors to this demand increase that people need to be aware of as they begin to plan for retirement. We will discuss current trends and why seniors and their families must proactively prepare for this important next phase of life.
The Changing Landscape of Senior Living
Over the past decade, the senior living industry has witnessed a transformation. With advances in healthcare and an increased emphasis on quality of life, seniors seek living arrangements that balance independence and necessary support. As a result, modern senior living facilities now offer a range of options, from assisted living, independent living, and specialized care to skilled nursing care. Thus creating a rise in interest and demand for these living accommodations.
What the Numbers Are Telling Us
Based on a market fundamentals data report from NIC MAP, in the fourth quarter of 2022, a few numbers and trends emerge regarding availability and demand for senior living facilities.
- Occupancy rates for independent and assisted living have increased in 6 consecutive quarters.
- Assisted living had the largest occupancy gain, surpassing pre-pandemic rates.
- Rate of occupancy outpaced inventory growth in each quarter up to the end of 2022.
- With higher interest rates in early 2023, slower development pipelines are expected.
This shows that there are ever-changing variables in the senior living marketplace that you must consider. Not only when you should start to plan and where to look but also factoring in the fluctuating costs involved.
The Importance of Early Planning
Getting a head start on any important decisions will always have benefits. When you wait too long and time is no longer on your side, rushed or limited options become your only ones. Learn your financial limitations in advance to help your decision-making and the ability to leave a deposit.
Determine the types of needs, conditions, and amenities you are looking for to narrow the field of choices. Get on as many waiting lists as possible to help ensure your chances of getting into a facility of your choosing. This approach will help you confidently check all the essential boxes off your list.
Occupancy and Availability: 6 Additional Factors to Consider
Consider proximity to family, healthcare facilities, and amenities. A convenient location can significantly enhance the quality of life for seniors.
2. Level of Care
Assess the current and potential future care needs. Different facilities offer varying levels of care, from independent living to skilled nursing care.
Understand the costs associated with different senior living options and plan accordingly. It’s crucial to factor in potential long-term care expenses and what is and isn’t covered by insurance.
4. Social and Recreational Activities
Enriching activities and social engagement are vital for maintaining a high quality of life in senior living communities.
5. Healthcare Services
Evaluate the availability of healthcare services within the community or nearby. Quick access to medical care is essential.
6. Staff Expertise
Ensure that the staff at the chosen facility are experienced and well-trained with a good reputation, especially if specialized care is needed.
Stay Up to Date With Senior Living News and Trends
As with most decision-making, you will want to do your due diligence on all senior living news and options under your consideration. Be sure to schedule a visit to any facility you are interested in or take advantage of a virtual tour like the one provided at Plattduetsche Home Society.