Senior Spotlight: Top Senior Housing Trends In 2024

Happy New Year! Our first Senior Spotlight of 2024 is here with a glimpse into senior housing projections for the new year. Senior Housing News recently featured a very lengthy read on the challenges and opportunities that are likely to be prevalent in this industry in the next 12 months. For full detail we encourage you to read ‘Top Senior Housing Trends for 2024’ here. For convenience, we have outlined 5 major themes that we think our readers will find most relatable below!

5 Housing Trends To Watch In 2024

#1: The Great Re-Balancing: This refers to an industrywide shift in assisted living becoming the most prevalent offering over independent living. Occupancy reports published since COVID have found a high demand for needs-based care, and many senior housing operators are shifting their services to cater towards a ‘higher-acuity’ population.

#2: The Official End of Pandemic Recovery: It’s no secret that senior living occupancy was shattered by the pandemic, and experts are predicting a return to pre-pandemic levels by the end of 2024. Senior housing organizations may finally get to truly focus on the potential of the future rather than struggling to regain what was lost.

#3: Concession Wars Pick-Up: While most facilities have had to raise care and housing rates in recent years to keep up with inflation, a key to sustaining and growing occupancy gains will be concessions. Senior living consultancy Bild & Co. has already documented a rise in discounts and promotions, and the number of operators offering no incentives has fallen.

#4: Sophistication Surges: Luxury senior living is set to level-up even more in 2024, with the ‘Forgotten Middle’ study quantifying that middle market retirees want big lifestyle and first class service. Communities such as Watermark and Revel have already begin to meet this demand by offering membership-based payment structures for those who want ‘the finer things in life.’

#5: More Press Makes More Scrutiny: The senior housing industry has had to become a more public and transparent business to attract the attention that has driven occupancy back up. But with that increased press and increased lawmaker involvement has come more scrutiny. Stories published just last month in The Washington Post explored critical concerns about senior elopement and staffing. Care standards, local and national legislation, media frenzies and actual data are going to need to be analyzed to differentiate the truth from the inaccuracies.

What senior housing trend are you following most closely? Are there any that excite you? Give you comfort and hope? Worry you? Just as in any housing decision – the best thing we can do is focus on data, facts and lifestyle fit and try our best to keep emotions at bay. Change is never easy – but it can be worth it.

Cheers to living your best life as the years march on,

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com

NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/