As Baby Boomers continue to settle into retirement or approach retirement age, the question of where they will go is inevitable. While many Baby Boomers in their mid- to late-60s can still take care of themselves and are able to live in the comfort of their home, this is not the case for all of them. Many of this generation are also planning ahead and thinking about where they want to wind up once they’re no longer able to remain in their current living situation. This influx of Baby Boomers is just one of the main reasons why we are seeing the senior housing industry bounce back in a major way. According to statistics, an estimated 10,000 Americans are turning 65 every single day, which means there is a big opportunity for senior living providers to attract these potential residents – whether they are in need of care now or a few years down the line.
Baby Boomer Senior Housing Trends
Baby Boomers are the single most important generation to senior housing right now. They are of the generation that grew up in the 1960s and can probably remember the first time they saw color TV, but they have also adopted to the various technological advancements that have popped up in recent years. Many Baby Boomers have smartphones, tablets, laptops, and are just as apt with these devices as their younger counterparts.
So what does all this mean for senior housing? For starters, SNFs (skilled nursing facilities) are having to adapt to this changing population and make sure they are pursuing renovations and upgrades that will meet the needs of these new residents. Furthermore, many Baby Boomers are leaning towards downsizing their current situation, which could mean finding a home in an assisted living-type facility so they do not have to move yet again in 10 years. A recent study indicates that the driving force behind Baby Boomers downsizing and moving into a senior living community is location and area. Price and affordability, as well as the layout of the home, are also influencers that SNF providers should keep in mind. While many Baby Boomers want to age in place, this is not always plausible because of the layout of their home. This is why Baby Boomers are turning to senior living communities that provide a nice, upscale space that residents can truly make their own, without all the hassle of maintaining their previous house. Baby Boomers are looking for accessibility, quality services and features, and a combination of great care and a fun community they can prosper in.
To learn more about the current state of senior living investment, please contact Shep Roylance of The JCH Group today.
As senior housing demographics continue to change, we are also seeing a shift in the way in which senior living providers approach wellness and resident’s nutritional needs. These days seniors are looking for active communities that offer a wide range of supportive services in order to help facilitate aging in place. As we have discussed at length over the last several weeks, new trends are emerging and skilled nursing providers are having to adjust accordingly. With this, we are seeing new development and design trends in senior housing, which is directly connected to the changing demographics.
When it comes to the level of care SNF’s provide, it is more imperative than ever that there is a strong focus on wellness. A new report indicates that wellness is becoming increasingly important – to residents, providers, and investors alike. In fact, it was listed as the most important element of running a senior housing community – ahead of dining, entertainment, and a host of other senior housing components. With this in mind, many providers are looking for new ways to reinvent wellness in senior housing, showing residents and potential residents that they will be taken care of for the remainder of their lives. Some of the ways in which they are doing this is by offering much more than just state-of-the-art gyms and fitness classes, but other services that are centered around the social, emotional, intellectual, spiritual, and vocational, and physical needs and interests of residents. By integrating each of these six dimensions of wellness, facilities are better catering to their resident’s needs.
The New ‘Wellness’ in Senior Housing
In the past ‘wellness’ in senior housing simply referred to the fitness center and making sure residents were receiving a well-balanced meal. However, this term has now expanded to all areas of a resident’s life. SNFs are now turning their focus to reinventing the community is a center of well-being, health, and nutrition. As we learn more and more about the human body and what it needs in order to function at its highest potential, we are seeing more of a whole-person approach to wellness in senior living communities. Not only have facilities that implement more well-rounded wellness programs seen great resident and family member satisfaction rates, but the residents are living longer and are more fulfilled.
It is important for senior living investors and providers alike to both understand the importance of wellness and the six dimensions of wellness listed above. It no longer cuts it to simply provide residents with the bare minimum when it comes to care and wellness. Today’s residents have higher expectations and are looking for facilities that cater to these needs and provide a unique experience. This is something to take into consideration, whether you own a current SNF or are thinking about investing. For more information on wellness in senior housing or to learn about our senior living investment opportunities, please contact Shep Roylance of The JCH Group today.
Investing is a great way to grow your savings, prepare for retirement, or even earn additional income in order to invest further. If you’re looking at investing in real estate you may be considering residential real estate or land, however, have you considered all of your other options as well?
Here are some property alternatives to apartment complexes or rental homes that can bring a great return on investment.
• Industrial. Industrial property is great for first-time investors because it takes less management than other types of properties and typically needs a smaller average investment.
• Retail. Retail property located in enclosed malls or in pedestrian zones can be a great investment as a lot of companies will want to be there in order to get the most exposure possible.
• Office. Well-placed office space is something that every company covets. Owning prime office property can bring a great return and long-term renters.
• Retirement/Senior Care. With our dear parents and loved ones getting older, the need for good retirement communities and senior care centers grows. Not only will an investment in retirement/senior care property bring a great return, but it will ensure that our loved ones can be well taken care of.
If you’re ready to invest in a nursing facility, care home, or retirement building or assisted living facility, Shep Roylance of The JCH Group can support you with your needs. Browse featured listings and contact Shep Roylance today to get started.