Trends in Senior Housing: Preparing for the Silver Tsunami
With 70 million baby boomers set to start entering senior housing in just over 10 years, developers are preparing for this influx to the market. With the increase in development around this wave, often called the Silver Tsunami, staying on top of trends in the market is becoming key to ensuring new projects are attracting all types of seniors, from the active adult to those needing memory care.
Pictured Above: The Residence at Melrose Station
Currently, the average age within senior living communities is approximately 84 years old, but many communities are hoping to attract a much younger demographic of “active adults”. Marketing these communities as an alternative to high maintenance homes, these places offer the ease of a hotel with private, luxurious apartments plus amenities galore. With a more active population in mind, many of these new communities, like The Residences at Melrose Station, are being built near town centers to allow easy walking access to shops or restaurants. This proximity keeps residents connected to the community, overcoming fears of isolation many entering elder care deal with.
Amenities and community programming is also key. Often Engagement Directors are on-site to lead a myriad of activities each day. Amenities will also rival some of the best hotels. Laurelwood at Pinehills not only features a restaurant but private dining room, a cafe, pub, library, and Tree Top Fitness Center.
Pictured above: The Pub at Laurelwood at Pinehills. One of the many unique amenities in place to appeal to the “active adult”.
By attracting a younger set of seniors, communities can increase the length of stay by allowing for “aging in place” as seniors advance from independent to assisted living or memory care.
Another major trend affecting the senior housing industry (and really the entire CRE industry) is technology. While many may not consider the older set to be tech-savvy, the younger generation of baby boomers has come to value these new tools, whether they are face-timing the grandkids or reading news online. Many have also begun utilizing I of T (internet of things) devices to assist in day to day life. Developers must ensure they make allowances for this growing trend when wiring/planning projects. The other piece of the technology puzzle is how it can be used to improve care within senior communities. By using integrated technology for health records or to strengthen staff engagement, a higher level of service can be provided with this platform.
The top senior living providers also recognize that dining can be a key differentiator when seniors are looking for their next home. While independent living apartments offer kitchenettes in unit, on-site restaurants are increasing their hours and offerings. A high quality dining experience with an extensive menu is now expected in these high-end communities. Many communities are also using their on-site restaurants as a vehicle for social engagement by inviting non-residents to partake in their top notch cuisine. LCB Senior Living, a leading developer of senior housing throughout the North East, not only offers beautifully designed on-site restaurants but they also feature “anytime dining”. This allows seniors the flexibility and choice they crave for a continued feel of independence.
Pictured above: The chic dining room at the Residence at Vinnin Square
Along with these trends within the communities themselves, there is an external factor that will impact the senior housing market very soon: the proposed merger of CVS & Aetna. The $69 billion dollar deal would bring easier healthcare options closer to seniors. CVS Minute Clinics offer an accessible solution for seniors to manage chronic conditions at a lower cost keeping them in their homes a bit longer. With DOJ approval pending, developers will need to keep a close eye on this story as it will affect the number of seniors moving into their facilities.
As this market continues to grow in preparation for the estimated 50% increased demand in senior housing needs within the next 20 years, developers must work with their architectural and contracting teams to allow for these new trends. Callahan Construction Managers, with extensive experience in the senior housing market, will ensure your project is inline with the trends and ready to adapt should the need arise. Callahan has been building relationships through quality construction and exceptional service for over 65 years and has completed multiple senior living communities throughout the North East, including independent, assisted, and memory care facilities.
Callahan is a full-service construction company serving the New England and Mid-Atlantic regions. They provide a wide range of preconstruction and construction management services and execute large- and small-scale building projects for clients in multiple markets. With extensive experience, dedication to strong partnerships, and the ability to provide enhanced services that the competition can’t, Callahan consistently delivers solutions that exceed clients’ expectations. It’s why they’re known as one of the leading open shop firms in New England.
Callahan Inc. has been in the construction business for over twenty years. The company is actually a successor to a family business that goes back over sixty years. The company was founded on the principles of integrity, quality, service, customer satisfaction and outstanding project management. They take great pride in their ability to deliver fast-track projects on schedule and within budget while maintaining a safe and orderly work environment. Callahan has gained an excellent reputation for their ability to resolve the most complex issues through their partnering approach to the construction process. As a testament to Callahan's success in this effort, they find that a majority of their work comes from repeat clients.Callahan Construction Managers >>