As the number of seniors looking for retirement living options continues to grow, so do the amenities offered by senior living homes to accommodate the needs of their many residents. Whether the facility is growing in physical size, the number of activities it provides or the amount of residents it houses, experts within the senior living realm predict that 2014 will continue to see a boom in the amenities offered among different senior living options.
Seniors moving to communities in greater numbers
After the Great Recession, the housing market experienced a dip in which homes started to lose their value. Executives working in the senior living industry recently conducted a panel interview with The Commercial Real Estate radio show, discussing how the options will be affected in the coming year. While independent living facilities were impacted, David Boitano, a senior investment officer at Ventas, Inc., said that the senior living industry quickly bounced back and has seen impressive growth since, according to Senior Housing News.
"Through the recession ... this sector showed a lot of resilience," Boitano said, as quoted by the source. "Initially occupancy rates saw a little hiccup, but underlying demand for health care services provided was what drove it though. That hiccup quickly recovered and encouraged more investor demand. If you can get it constructed and properly staffed and operated, you will have the demand to be successful."
Due to the unbeatable services assisted living homes offer residents, such as on-site care and support services, demand for these housing options has not seen a significant decrease. George Yedinak, founder and publisher of Senior Housing News, said that these homes have begun to present more health-related offerings, such as memory care and Alzheimer's care, that have been influential in attracting more senior residents.
Residents see more personalized care in retirement villages
In addition to care given to older adults within the home, experts predict that properties will begin to alter their accommodations to further match the aging population. Dan Willis, senior vice president of partner services at A Place for Mom, explained on the company's blog that homes may begin to implement more leisurely options to better suit the social and recreational needs of older residents.
"As boomers and beyond age, they want to have options with regards to specific amenities, activities and programs that appeal to their desired lifestyles," Willis said, as quoted by the company's blog.