Today Senior Living is a victim of its own success. With the market segment having grown consistently for many years in response to seniors’ and their families’ embrace of communities specifically geared to older people, we now are faced with an overall glut of new units coming on the market due to extensive new construction and ambitious expansions.
How bad is the problem? Pretty bad. Although occupancy rates vary significantly depending on location, Senior Housing News reports that overall the national rate of occupancy in assisted living communities has reached an all-time low of 85.1%. The most recent high—90.2%—hasn’t been seen since the fourth quarter of 2014.
Despite the current market forces challenging Senior Living communities’ occupancy battles, you actually can advance your community in several strategic directions to boost your competitive position. These strategies are within your control and available to you right now – taken together, they can help your community become more desirable to current residents as well as to potential customers and their families. Download the keys below in our quick community action plan that your team can use, immediately.