It’s no secret that the landscape of senior living is changing in a major way right now, thanks in part to Baby Boomers and lifestyle changes. With this in mind, senior living providers are having to make some major changes. Not only are we seeing many assisted living communities undergo renovations in order to meet new regulations and attract residents, but architects and design experts are being brought on board to ensure new construction is on the right track. As we discussed earlier this month, memory care facilities and other similar senior care communities are realizing the importance of creating both a welcoming and stimulating environment for residents.
Nursing homes and senior living facilities as we knew them in the past are just that – a thing of the past. Today one of the hottest trends is luxury senior living. When looking at all the current senior housing construction products, it is clear that luxury living is a top priority. Not only are we living longer, but many people are choosing to enter independent living communities on their own accord, which means their needs are changing and they are more likely to go with a facility that will meet these needs – and then some.
What to Expect
With this in mind, senior housing developers are focusing on luxury senior housing in order to meet these demands. Many Baby Boomers entering into retirement and the next phase of their life have money to spend and are willing to spend more in order to live comfortably and with all the amenities they would ever wish for. According to a recent report, there is an estimated $3 trillion of net worth amongst Baby Boomers. While not all of them have deep pockets, many of them do and know exactly how they want to spend it.
Baby Boomers aren’t afraid to go after what they want, which means class, sophistication, and endless amenities, in this particular case. For Baby Boomers with money in the bank and millions in liquid assets, one of the top places they will spend their fortune is on their living situation. More and more people are choosing to downsize before it’s too late, which means looking for an independent living community that will provide them with exactly what they are looking for. With assisted living rent continuing to increase, we expect those looking for a piece of luxury in their senior living community to become more and more common. Thankfully it seems developers understand this and are doing what they can to keep up with the high volume of Boomers looking to trade their 5 bedroom house for a more modest, but equally luxurious, independent living situation.
For more information on the current state of the senior living industry, please contact Shep Roylance of The JCH Group today.