New construction is not what’s hitting the senior living industry headlines this week. Alyssa Gerace of Senior Housing News reports that major providers like Brookdale Senior Living and Emeritus Senior Living “seem to be focusing more on repositioning, renovating, and rebranding their communities” instead.
In her article, Gerace spells out the financial details and future plans for these “industry giants,” many of which include “unit conversions” and “expansions.” For example, Brookdale is reducing the number of independent and assisted living apartments available and converting them to memory care units (for Alzheimer’s care).
Another point of interest: nursing homes are doing some repositioning of their own, moving towards a “higher acuity, more complex shorter-stay business model,” per Jay Flaherty, CEO of HCP, the company that owns the large nursing home provider, HCR ManorCare.
In recent years, change has certainly been the constant in senior living, due in large part to the changes in our economy and in demographics (the so-called graying of our nation). We can’t know what the future of senior living holds, but we can be sure that things will be quite different than they are today — and maybe that’s a good thing.
Talk back: What do you think the senior living industry will look like in 10 years? Are you concerned about or excited for the possibilities?