An ever-increasing aging population and their desire to age in place have created a high market for Assisted Living Facilities. The demand may not be too much of a surprise as many Assisted Living Facilities offer the necessary care and support that family caregivers are no longer able to provide, and coordinate services that many older adults rely on such as medication adherence, transportation, and health care coordination.
The market intelligence firm Irving Levin Associates recently published the Senior Care Acquisition report, which reports that growing demand for Assisted Living Facilities is occurring when Assisted Living unit prices have reached a record high.
According to the report, in 2017 Assisted Living units were priced on average at $223,200 per unit. While this figure is significantly higher than previous years, the report recognizes that more top priced properties often yield the best investment for seniors and their families.
Facilities with higher cost units on average account higher operating margins and hold a 90% occupancy rate, which signifies that these Assisted Livings provide a better quality of services to their residents.
The report goes on to speculate that 2017 record high average unit may have come as a shock to some others in the field for two critical reasons. First, the increased demand for Assisted Living units has caused a surge of competitors to enter the market, who to compete, create market discounts that some consider an unsustainable business strategy.
Second, over the past few years, the senior living industry has experienced a direct care worker shortage. As more facilities entered the market, “the competition for scarce labor resulted in higher labor cost and increased turnover, which is costly in several ways.”
As so many businesses attempt to enter the Senior Living market, it can be harder and harder for consumers to wade through all the options and expenses. Senior Living Specialists knows first-hand how difficult a process this can be for you and your family, but feels that making such an important decision for your loved ones shouldn’t have to be so confusing or stressful.
- Through their industry knowledge and personal experience their expert advisors:
- Specialist will help families learn more about the different types of available senior living options;
- Specialists will assess your needs and offer suggestions on paying for care;
- Specialists offer tips for objectively evaluating each senior living provider; and
- They will even share important questions that you should ask while touring a potential facility.
The rapid expansion of senior living options and their increased prices can be confusing for consumers as they search for the best option for their family members. Understanding what types of resources are available in the community, and finding quality care at an affordable price are important values to many families in search for Assisted Living. Senior Living Specialists understand how precious financial resources are in securing good care for seniors. That’s why all their services are always free for seniors and their families.