Why now is a good time to invest in senior living
It’s no secret that senior care industries were hit hard during the COVID-19 pandemic, but, if you’re looking to enter into a new business venture, a senior living investment still might be just what the doctor ordered. Here’s why:
1. Pent-up demand
As vaccination rates soar, more and more families are comfortable moving their non-urgent cases, many of which have sat idle for a year or more. The shift in consumer habits has lead to a pretty hefty pent-up demand for senior housing, as outlined in some major industry publications.
We’re all getting older
In a December 2020 interview with Motley Fool, Matthew Frankel, an investor who owns shares of Healthpeak Properties, shared the following about senior living investment post-COVID: “Senior living is a long tailed growth market, there's no question about that. The 85 and older population, which is their bread and butter is expected to roughly triple over the next 30 years. It's going to be a huge growth market.”
And he’s right. Despite the state of the pandemic and the threat of a resurgence, senior care is a service that millions of families across the country absolutely need, and that’s not changing any time soon.
3. The strong are still standing
The COVID-19 pandemic was unprecedented in a lot of ways, including how it forced many businesses to rethink their models, adjust to state regulations, and keep income flowing, despite unfavorable odds. For many in the senior living industry, crucial changes didn’t come quickly enough, and, due to slow movement and inability to adapt to a changing market, it’s estimated that up to 56% of senior living providers will go out of businesses within the next year.
However, the flip side of the coin is also true. Senior living providers like The Hearth, who acted fast introduce things like extremely detailed contact tracing, innovative programing to boost resident engagement during quarantine, and an effective signature cleaning program, came out of the pandemic on top.
COVID-19 was a test that no business owner wanted, but some passed with flying colors, proving their grit, longevity, and preparedness for another unprecedented event.
Want to learn more about senior living investment opportunities? Contact our development team at firstname.lastname@example.org or (315) 849-9277.