Last week, I published a synopsis of 3rd quarter senior living stats for 55+ communities in the greater Philadelphia area. In an effort to provide senior living statistics for communities offering care, I want to call your attention to the occupancy rates for senior living communities offering care in both the non-profit and for-profit sectors.
Occupancy Levels Drop during the Pandemic
According to Beth Mace, Chief Economist of the National Investment Center for Seniors Housing and Care (NIC), non-profit senior living communities typically have higher occupancy than for-profit communities. This remains the case during our current pandemic even though both types of communities experienced occupancy level declines in the second quarter of 2020.
The second quarter of 2020 produced sharp declines in occupancy levels across the largest markets tracked by NIC. And for-profits posted a 3 percentage point decline verses a 2.3 percentage point decline for non-profits.
Why does this matter?
Because the chart is a broad display of occupancy, according to Mace, it hides the barbell effect that the pandemic has created. A large number of organizations have maintained their occupancy at 90% or greater. And a large number have had their occupancy fall to less than 80%.
The result will be consolidation of communities and a broadening of the services offered. Non-profit continuing care retirement communities (CCRCs) already offer more touch points for families. CCCRs have diversified their business models to serve customers at different settings and at different price points. For example, CCRCs expanded into the home health care business and affiliated with hospitals and physician groups.
As with most businesses, the covid pandemic is accelerating the pace of change in the senior living space. Even though the senior living business is slow to enact changes, independent seniors should stay tuned for ways in which the industry is going to improve their ability to thrive in retirement.
Are You Looking at Your Senior Living Options?
The types of senior living available are not always all best for everyone. In other words, some models are better for those who want a better quality of life where others are all about the format. Our team at S3Living wants to help you find the senior living that fits your needs. That’s why our information-packed consultations are designed to offer insight and support for you along the way. We offer a range of options in services including:
- CCRC buyer representation
- 55+ buyer representation
- Home selling services
- Relocating and moving services
Learn more by reaching out to our team today.
Are You Ready to Embrace Senior Living? Call S3Living
Senior living can be an exceptional way to improve your life if you know how to choose the right home for you. With numerous types of senior living and various opportunities available to you, it helps to have some support along the way. Our team at S3Living can help. Contact us today at 833.405.0263 to find out what we can do to support your needs.