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How a New Co-Housing Model is Attracting Younger Residents

There are many changes coming to the senior housing industry, from communities with upscale amenities to housing options within urban neighborhoods. Yet another trend we are seeing in the Bay Area and beyond are co-housing communities. As we’ve reported in previous posts, seniors are living longer but downsizing much sooner than previous generations. Whereas older generations strived to stay in their home for as long as they could, today’s seniors are selling their homes and looking for smaller, more practical living quarters that meet all their needs. This is why we are seeing such a boom in luxury independent living communities. Baby Boomers are more interested in upscale amenities, communities that have a high walkability factor, open floor plans, and having a strong social life. With this, we are seeing a rise in the number of co-housing developments.

While there is certainly still a place for traditional senior living facilities, it is important for developers, investors, and providers alike to look into the benefits of co-housing. Many developers have been apprehensive about building multi-family units, but today’s active seniors are more interested than ever before in this unique model. In fact, some are touting this new model as the “future of aging”, as more and more seniors are interested in growing old with their fellow Baby Boomers.

Why Co-Housing?

We are seeing numerous co-housing units pop up all over the country, including right here in California as well as Arizona. By definition, co-housing is a cluster of private homes that share a common space. This is a different type of community than many are used to, and it is completely transforming the way seniors age. As of right now, there are roughly 13 co-housing communities in the U.S., and two more under construction as well as 13 more in the works. Over the last decade, there has been a growing demand for senior co-housing and developers are humping on board.

More and more aging adults are looking for alternatives to the traditional nursing home, and co-housing is an attractive and viable option. One of the top advantages to this model is the level of companionship offered. Many seniors are finding themselves on their own in these later stages of life, but they still want and crave community. Seniors in co-housing communities are able to have their own space, but still play games, enjoy meals, spend time outdoors, and simply enjoy life with the company of others in similar situations. These facilities often offer on-site gyms, a team of nurses and wellness providers, and even space for physical or occupational therapists. While co-housing has been in the works for quite some time, it was not until recently that these communities started popping up at a faster pace.

To learn more about investment options in senior co-housing communities, please contact Shep Roylance of The JCH Group.

Smart Tech is Changing Senior Living for the Better

It’s no secret that technology has taken ahold of us and there’s no turning back. From Alexa and Siri to all the various devices aimed at making our lives easier and more connected, it’s a wonder how we made it through life before tech! But technology hasn’t just changed the way Millennials and younger generations interact with one another, it has also had a major impact on the growing senior population. As we discussed a few months back, the senior population has caught the attention of tech giants, which was evident at this year’s Consumer Electronics Show. Since then, we have seen a variety of smart devices targeting the senior living industry hit the market.

Perhaps the most popular devices we are seeing include wearable technology and voice-activated assistants. While developers are hopeful about the lasting impact these devices will have on the senior population, senior living providers are still looking into best practices for implementing them. There are numerous reasons for this, but for one it is important to note that new devices and changing technologies come with some inherent risks for senior living facilities. Security is a major concern, especially given all the data breaches that have taken place in recent years. Providers are diligently looking into how they can integrate these technologies into SNFs without putting patients at risk.

How Wearables Are Changing the Senior Living Landscape

Fitbit and the Apple Watch are households names in our society today, but most people associate these wearable devices with younger, active populations. But not so fast – several prominent senior living providers are examining how wearables can provide an added level of care for residents. More and more seniors are embracing wearables like the Fitbit as a way to maintain their health on a day-to-date basis, rather than waiting until their next doctor’s appointment to see how they are doing. This is significant for numerous reasons, but namely that is allowing Baby Boomers and our growing senior population to take a more proactive approach to their health and wellness. We are living longer than past generations, and this is largely due to the fact that we know so much more about our health and have various tools to address concerns before they turn into a problem.

The Rise of Voice-Activated Devices

Along with wearables, we are also seeing a rise in the number of voice-activated (think Siri, Alexa, and Google Home) that are making their way into senior living communities. These devices are designed to make life that much easier on residents, as they can control lights, locks, TVs and other electronics, and phones.

While we’ve yet to see a widespread adoption of voice-activated devices and wearables in senior living, the day is certainly coming. To learn more about opportunities in senior living for investors, please contact Shep Roylance of The JCH Group today.

How Senior Living Can Attract Real Estate Investors

A new report from CBRE, a commercial real estate services and investment firm, indicates that real estate investors are becoming more and more interested in the senior housing market. According to the survey, investors are now turning their interests to nursing homes, assisted living facilities, and other long-term care facilities. These ‘alternative’ properties will present numerous opportunities for investors in 2018. As we’ve discussed at length, the senior housing industry is undergoing monumental changes right now, something that can be seen through new investment opportunities.

One of the most interesting takeaways from the CBRE survey is that approximately 20% of those polled said they were currently pursuing various investments in senior housing. The fact that a quarter of real estate investors polled have interests in senior housing speaks a lot to the current market. In addition to the 20% interested in senior housing, 19% of respondents said they already had some type of investment in senior living. There are several key factors that have contributed to this increased interest, including the fact that risks are low and forecasters predict the senior housing market to continue to grow and expand.

Why is Senior Housing So Attractive to Investors?

In addition to the fact that the senior living industry is undergoing substantial change, there are several reasons why real estate investors are currently motivated by the industry. For one, investors say they are intrigued by the chance to benefit from the many structural changes presented by the evolving senior living industry. While other trends may come and go, there will always be a need for long-term care facilities for our senior population. This means that senior living is one industry you can count on to be around forever. Investors often view senior housing as “recession proof” because our aging population will continue to need medical and health care services, regardless of what’s going on with the economy.

Right now I am at the 2018 NIC Spring Investment Forum in Dallas, which is one of the most anticipated events of the year. I look forward to meeting current senior living investors and connecting with others who are interested in investment opportunities. If you are at the conference or would like to connect with me March 7-9th, please send me a message or give me a call.  

Why Assisted Living Facilities Offer a Better Alternative to Nursing Homes for Some

A study conducted by the American Geriatrics Society from the Indiana University Center for Aging Research and the Regenstrief Institute shows that assisted living facilities may be a better option for those in need of hospice care. While in years past nursing homes were seen as the “go-to” for hospice patients, research indicates that is no longer the case. The study found numerous reasons for this, including the level of care and type of facility. However, it is important to note that nearly 68% of all respondents said they preferred home hospice care and felt the level of care was far superior to both nursing homes and assisted living facilities.

In recent years, nursing homes have come under fire for poor quality of care and inadequately trained caregivers. While the industry is working hard to reverse this image and implement various regulations and protocols in order to curb the number of nursing home abuse cases and deaths, they still have a ways to go. In regards to assisted living facilities, many people believe the quality of care exceeds that of other health care settings.

Understanding Hospice Care

The rate at which the healthcare industry is changing and evolving undoubtedly makes it difficult to keep up with. However, quality measurement for hospice care must try and keep pace with the rapid expansion we are seeing right now. As Baby Boomers continue to age and look for long-term healthcare facilities that offer them the amenities and services they need, while still providing comfort in an upscale setting, we will see hospice care continue to become a point of contention.

Hospice care is often a tough subject for people, and for good reason. There is nothing more challenging than watching your loved one die while under the care of another provider. Hospice is designed to make these end of life stages more comfortable for everyone involved, but this is not to say it comes without its own hurdles. Right now we are working hard to determine what areas of senior living and which could stand to improve. When it comes to hospice care, assisted living facilities are constantly coming in one step ahead of nursing home and other health care facilities. To learn more about the current state of senior living or if you are interested in investing in a property, please contact Shep Roylance of The JCH Group.