Market Growth: Senior Housing Boom as Baby Boomers Retire
Earlier in May, we published a blog on the growth we’re seeing in Senior Housing, Independent & Assisted Living Facilities. We cited stats from New York-based Real Capital Analytics showing that investment transactions among senior housing properties rose 340% in 2011 to a total of $27.8 billion across both senior housing and nursing care properties.
This growth is underscored by the government’s recognition for additional senior housing projects based on the need for facilities as the baby boom generation retires. According to the New York Times, there will be 71 million Americans over the age of 65 by 2030, of which approximately 10% of them will suffer from Alzheimer’s disease. The government has already established grants both from the state and federal levels. Investors, like the Senior Housing Properties Trust have decided to take advantage of the inevitable demographic shift. They are hoping to purchase nine additional senior living properties within the next month.
What’s more, many new senior living projects already under development across the country are designed around the Main Street and Neighborhood concept, where each wing of a community serves as a separate neighborhood for the residents living there. Each neighborhood will have its own uniquely themed common areas but will be designed around a central “Main Street” with amenities such as a restaurant, movie theater, store, spa, gym, and sports bar.
The communities will have a heavy emphasis on technology, with features that will include Simple-C Companion, a groundbreaking touch-screen computer system for residents with memory care impairments; wireless and flexible caregiver alert systems; resident monitoring systems; wireless RFID door entry systems operated by a wearable device, eliminating the need for a traditional key; and camera monitoring systems covering all areas outside of resident apartments.
Caitlin-Morgan specializes in assisted living facilities & nursing home insurance. As construction projects are on the rise, speak to us about helping your clients insure these facilities. Give us a call at 877.226.1027
Posted in: Assisted Living Facility Insurance