What Are Other Types of Investments in Senior Housing other than Assisted Living?Jul 04, 2023
Senior housing doesn’t just involve nursing homes or retirement communities anymore. Rather, it encompasses a vast range of properties designed to meet the unique needs of aging individuals.
Senior housing types include:
Independent Living: Offering little to no one-on-one support, independent living facilities provide residents with a normal life on their own. Independent living incorporates many of the same amenities and common areas as typical multifamily properties but is often more comprehensive. Of course, there will still be a property manager to oversee the facility.
Assisted Living: While there are varying levels of assisted living, it often involves daily care for certain activities such as bathing, eating, getting dressed, etc. Aside from these activities, seniors in assisted living facilities are relatively independent.
Nursing Home: Unlike assisted living, nursing homes provide 24-hour care for seniors. Additionally, they provide the highest level of medical care and support for those who don’t require hospitalization.
Memory Care: In memory care facilities, the objective is to care for seniors who experience memory loss through dementia. They offer highly specialized staff who provide around-the-clock care to minimize dementia symptoms.
Retirement Community: Also known as 55+ communities, retirement communities are properties that act as age-restricted multifamily properties. They may offer a few amenities but provide no support to residents in regard to their health or daily activities.
Hospice: While most hospice care takes place in the patient’s home, there are facilities (inpatient units) that provide hospice when care is too difficult to provide at home.
By expanding your footprint across the senior housing continuum, you can cater to a broader range of seniors' needs, create synergies within your operations, and position yourself as a comprehensive and trusted provider in the industry. With careful planning, strategic partnerships, and a commitment to excellence, the opportunities for expansion in senior housing are boundless.
Remember, success in the senior housing industry goes beyond Assisted Living. Embrace the continuum and seize the opportunities to make a lasting impact on the lives of seniors. Together, let's transform the landscape of senior housing and provide exceptional care throughout their aging journey.
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