Will 2021 Be the Year of Opportunity for Senior Living?

t should come as no surprise that the senior living industry faced unforeseen challenges in 2020. One of the areas hit the hardest was new market inquiries. As the senior housing industry found itself at the center of the pandemic - quite literally - providers scrambled to deal with declining occupancy rates and staffing challenges. But as the pandemic raged on and providers pivoted to keep residents and staff safe, not all the news was so bleak. Many operators say demand remains high as U.S. vaccine distribution forges ahead and occupancy rates stabilize across the nation. With this piece of good news, we can once again start planning for the future.

Investment Opportunities on the Rise 

Many senior living operators say they have prospects waiting to move in, marking a change of tides in the industry. For current and prospective senior living investors, this is excellent news. Throughout the last year, operators have been forced to rethink marketing strategies and look for innovative ways to increase care quality. Progressive developers and providers are finding that the demand isn’t gone; it’s just different. Also, consumer expectations are changing, and operators embrace new products, designs, and services like telehealth that genuinely focus on resident wellness in this new era of virtual living.

The bottom line? The senior living industry is in a good place as we settle into 2021. Widespread distribution of the vaccine helps, as does new information about treating COVID-19, and the long-term market outlook is strong. As operators identify new market opportunities and embrace progressive development, we expect to see the industry bounce back in a major way. The Sherman & Roylance Real Estate Investment Services team keeps a close eye on the market as we settle into 2021. Are you considering investing in senior housing or selling a property? Give us a call to schedule an appointment and learn more about our services.