What is Senior Housing?
Senior Housing is a housing rental and hospitality arrangement for seniors who need varying levels of supervision and assistance with daily living activities such as: meal preparation, housekeeping and bathing, as well as those who need skilled nursing care. Most senior housing communities offer private or semiprivate rooms or small apartments within a single complex along with meals, shared dining, kitchenettes, and common spaces for socializing, organized activities, and transportation services. Acute care for Alzheimer’s and other medical conditions is also available.
Senior housing consists of several types and goes by different names in accordance with the state where operating. Additional services require additional licenses, and along with this greater operator experience is also necessary. The basic sequence determined by US law follows this pattern:
Independent Living communities commonlyknown as retirement communities, are where seniors who don’t require care live within a community of fellow seniors. Homes in these communities are typically smaller, efficient and easier to manage.
Assisted Living Facilities (ALF) & Memory Careprovide a full range of housing choices and services on one campus. This option is best for those who want to stay in one place as they age. Board and care facilities on the varying levels are designed for seniors who can’t live independently due to physical or mental disabilities but who don’t require fulltime skilled nursing care. It is important to note that up to this level the contractual relationship with the client remains hospitality. Hence, there is no hospital-medical link with all the nuances that link entails.
Skilled Nursing Facilitiesalso called nursing homes, are suited for those with physical or mental health conditions requiring full-time monitoring and medical care.
Market Overview
The U.S. Census Bureau reports 20% of the population age 75 and up live in senior housing. This number is expected to grow. Certainly, many of these seniors will require Assisted Living. The Department of Health and Human Services says 70% of people overage 65 will eventually need long-term care. Today’s senior housing supply is outstripped by demand. According to the February 2016 NICMAP Senior Housing & Care Market Fundamentals report, the average occupancy rate of Assisted Living Facilities grew to 89.4%, an increase of 0.5% from the previous quarter. The occupancy rate is expected to continue on its upward trajectory.
Senior housing is being absorbed faster than new inventory is entering the market. In the third quarter of 2015, a total of 2,600 new senior housing units came on board while the number of occupied units increased by 5,000. The annual absorption rate was 2.9%, which is nearly twice the annual inventory growth rate. This is the highest quarterly rate of absorption since NICMAP began tracking these figures a decade ago. And since Assisted Living stems from a healthcare need rather than a housing choice, grow this expected to remain strong.
Passion For Excellence
Integrity, Dignity, Compassion…
PrimaSoft Technologies in association with industry leaders, specializes in the turn-key management of full-service rental senior living communities all providing an enriched lifestyle for residents. Our guiding principles, values, and beliefs are based on the concepts of integrity, dignity and compassion. These principles balance the interests of residents, associates, and business partners. These principals form the basis of senior living facilities operations as a company overall.
We cherish the unique qualities of each senior housing community and their contributions in creating a great place to live for residents, and a fulfilling place to work for associates. We are focused on seeking out and sharing best practices which incorporate experience, learning and innovation to operations and communities to achieve ongoing success.
