S&R News
Why Senior Living Operators Must Adopt a Future-Focused Mindset
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“Out with the old, in with the new” is a perfect way to describe the current state of senior living. While the pandemic introduced new and unexpected challenges, the industry was at a tipping point prior to 2020 as Baby Boomers were starting to explore next steps. By 2030, all Baby Boomers will be at least 65 years old, which means operators must act now to meet the changing expectations and demands of this generation.
So, what does all this mean for senior living operators and facilities? For one, it’s important to adapt and understand how the market has shifted and where it’s going. Those who refuse to enact changes will come up against a brick wall. However, it seems the majority of operators are committed to new practices and are taking the necessary steps to give this generation of seniors what they want. Construction has finally bounced back after rapidly declining in 2020, but overbuilding remains a concern, and industry experts warn to proceed with caution. Furthermore, investment opportunities are everywhere, which is excellent news for the investors and the industry as a whole.
Right now, the oldest Baby Boomer is 76 years old, and the youngest is 57. With this in mind, the senior living industry must take a future-focused approach. Curious about our current inventory and market opportunities? Contact the Sherman & Roylance team or fill out the form on our website.
So, what does all this mean for senior living operators and facilities? For one, it’s important to adapt and understand how the market has shifted and where it’s going. Those who refuse to enact changes will come up against a brick wall. However, it seems the majority of operators are committed to new practices and are taking the necessary steps to give this generation of seniors what they want. Construction has finally bounced back after rapidly declining in 2020, but overbuilding remains a concern, and industry experts warn to proceed with caution. Furthermore, investment opportunities are everywhere, which is excellent news for the investors and the industry as a whole.
Current Trends Impacting the Next Generation of Seniors
Trends indicate Boomers are very different from past generations: they are healthier, more independent, more active, and aren’t settling for traditional, outdated housing models. They are looking for more unique, customized spaces that cater to their interests and lifestyle. In addition, they have more assets and money in the bank to spend on their retirement. The pandemic also brought healthcare issues to the forefront, introducing another consideration for future or updated facilities. These are important factors to keep in mind, as it means autopilot is no longer an option for operators and developers.Right now, the oldest Baby Boomer is 76 years old, and the youngest is 57. With this in mind, the senior living industry must take a future-focused approach. Curious about our current inventory and market opportunities? Contact the Sherman & Roylance team or fill out the form on our website.