Demand for and move-in rates into senior living communities are at the highest-ever rates.
What Goes Down Must Come Up?
Senior housing was in deep trouble when the COVID pandemic hit and there were no vaccines. Congregate senior living was deemed too risky and, in too many cases, and deadly. Residents, those who could, fled.
It’s a different story regarding senior housing today. John Reinsma, managing director with Confluent Senior Living, told Multi-Housing News, “Move-ins into senior living communities between March and June (reached) the highest rates we’ve ever experienced in our history.”
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Challenges Remaining within Senior Housing Sector
Like other industry sectors, senior living housing projects simply stopped being built during the pandemic. The result? Pent-up demand and waiting lists. (Will bidding wars come to senior living communities as they have to rental units?)
Seniors living in congregate senior housing communities need and want better design specifics to improve their comfort and mental health. More recreational and dining room space both indoors and outdoors is the lesson of the pandemic.
New technology needs to be incorporated into senior living facilities. Installing UVC lighting that helps reduce the spread of airborne viruses and installing upgraded HVAC systems are musts. Likewise, telehealth or telemedicine medical care from a doctor via smartphones and/or computers without needing in-person visits, along with wellness checks and resident monitoring are also musts.
New Investments and Projects in Senior Housing Recently Announced
A new $1B joint venture by Clearwater Living and Berkshire Realty is gaining attention.. These two industry giants are working together to acquire and develop senior living facilities and communities in the western US. Development is scheduled for two California Windsor locations…Newport Beach and Glendora.
These and other high-end senior living facilities will be developed with large-living-unit sizes and large common areas.
Clearwater and Berkshire have partnered up before in senior housing acquisitions and/or development projects. Four Clearwater communities at four different locations (Sonoma Hills CA, Rancharrah NV, Riverpark CA and North Tustin CA) are the results of their joint efforts and investments in 2016.
Demographics on the Side of Senior Housing
The 85-plus population group is projected to increase an eye-popping +177% over the next 30 years, according to the American Association of Retired People.
Such demographic projections ought to be music to the ears of commercial real estate investors interested in senior housing opportunities.
Thanks to Millionacres.
