Unexpected Competitors

By January 4, 2021Uncategorized

When we ask senior housing team members who they are competing with, inevitably the response includes other communities offering the same or similar services. Continuums mention continuums, assisted living communities refer to other assisted living communities. But that may be a narrow view, particularly as we begin the generational change to boomers. For those who had older family members residing in an age-restricted community like the ones mentioned above, if the experience was a positive one, they may lean towards making a similar choice. But for the majority of seniors, that influencer probably doesn’t exist. And the choices have expanded considerably. Of course, there is the active adult community (AAC) which tends to serve the younger seniors and may be structured as a for-sale or rental property. This type of community is likely to have excellent fitness facilities and may have some social gathering spaces, but won’t offer meals, housekeeping and the other services found in traditional senior housing communities such as Life Plan and those that limit their services to assisted living/and or memory care. And then there is the most unexpected “competitor” – the non-age-restricted apartment building. While the latter doesn’t offer any services, they are likely to have amenities such as a fitness center or may have leased space to a coffee shop or restaurant serving light fare. Many of these communities are located in urban areas where walkability to a wide variety of amenities is part of the attraction. So, it pays for you to become familiar with all the options – both traditional and non-traditional.