This blog is taken from the writings of a senior living specialist. It is very interesting article and I wanted to bring it to our reader’s attention. Some of the points he raises certainly reflect the thinking of many seniors and those who will enter that age range soon. For those facing retirement in the next few years, expect your senior living options to change from what is available on the market now.
Below are some comments provided through Senior Living and “Top Senior Housing Trends For 2020” by Tim Mullaney. The full article can be found HERE.
“Expect the winds of change to blow harder than ever through the senior housing industry in 2020. With each passing year, the wave of baby boomer demand draws nearer, attracting more capital and a greater diversity of talent to senior housing.” (Top Senior Housing Trends For 2020)
Independent living starts to look obsolete
“Independent living occupancy held up better than assisted living during the last few years, fueling investor interest. However, 2020 will give rise to some hard questions about this part of the continuum.” (Top Senior Housing Trends For 2020)
“In spring 2018, industry experts pointed to growing interest in active adult as a potential threat to independent living. Over the course of 2019, the active adult sector became red hot.” (Top Senior Housing Trends For 2020)
Where are things heading in the future? From (Top Senior Housing Trends For 2020)
- In 2020, active adult will continue to heat up, and on-demand, gig economy services and new technologies will continue to make this operational model even more viable in the years ahead.
- That said, independent living is not going to falter overnight.
- Boomers, millennials and Gen Z might not agree on much, but they all love DoorDash. The food delivery service was the fastest-growing brand among all three generations in 2019.
- As more people of all ages embrace the ability to have food delivered with a few quick taps on a phone, senior living communities are struggling to hire and retain their culinary workers. Not to mention, dining is typically a cost center and operating margins remain under intense pressure as labor costs rise.
- So, expect more senior living providers to get more strategic about trimming in-house dining and supplementing with delivery services.
- Adaptive reuse projects have converted a wide array of buildings into senior living over the years, from hotels to schools to factories. In 2019, more types of real estate joined this list.
- In 2020, senior living will be chosen as the next use for an even more surprising variety of buildings.
- Expect 2020 to be a watershed year, with the first big announcement of a superstar brand putting its stamp on senior living. The brand crossover might take the form of a well-known hotel company putting its name on senior living buildings…the time is now … because more than previous generations, baby boomers have a loyalty to their favorite brands. (Top Senior Housing Trends For 2020)
If you are a senior or if you have parents who are entering that age bracket, watch for the above developments. They will impact seniors lifestyles and choices and with that of course comes cost.
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