A recent article from Senior Housing News reports that occupancy rates for senior living are at a four-year high (in the fourth quarter, they rose to 89.1%, up one percentage point from the year prior, says the piece). Clearly, there is still a need and demand for housing, even though many seniors are choosing to stay at home for as long as possible. On the other side of equation though is construction activity, which has declined.
As the cost of care and monthly rent for senior living of all types (nursing homes, assisted living, independent living) is always on the rise, perhaps a more important question is how to build senior communities that are affordable, sustainable, and desirable.
In that vein, a growing trend in senior living may offer an encouraging answer: retrofitting, repurposing and recycling. Rather than taking on the risks of new construction, some senior living developers are turning to old ski resorts, school buildings, hotels, hospitals, churches and other unique and historic buildings as a canvas for communities of the future. And given today’s economy, housing market, and boomer/senior boom, it’s probably a very wise investment.
Read more about this trend here at the blog.