Senior living accommodations have gone through a massive shift over the last decade. Today, a significant portion of the aging population depend on their friends and loved ones. The Institute on Aging puts that figure at 65% of Americans over the age of 65 that rely on family and friends to take care of them. That leaves thirty-five percent that doesn’t have either friends or family that can care for them and have to depend upon senior care homes. As more of the population seem to start thinking about entering assisted living areas, there has been significant growth in new assisted living developments.
A Locally Based Product
While the investment and growth in the sector remain massive, it is essential to remember that, at its heart, senior care is a locally based product. There have been many recent attempts to incorporate assisted living into housing estates, partially because of the value that it brings to locals. Well-developed senior living locations will add to the pricing of a town’s residential district. They will also attract a particular crowd of individuals that have their long-term retirement in mind. Since this housing is likely to be a non-competitor with other forms of housing, it’s expected to be a safe investment for construction firms who are looking at it as a development.
A Rise in The Volume of Senior Renters
Canada Mortgage and Housing Corporation have noted a rise in the number of seniors that choose to rent instead of trying to buy a home as they get older. This trend isn’t solely limited to Canada, as around the world similar trends are emerging. Business Insider as well has shown that more Americans are renting homes into retirement to maintain their financial flexibility. The old “American Dream” or owning a house is no longer one that many seniors ascribe to. This change in paradigm offers a lot of promise to businesses that are looking at developing senior-based units. However, there is a disconnect that needs to be addressed when dealing with the creation of these developments.
Lifestyle Driven Housing Needs Partnerships
There are a few significant amenities that housing for seniors needs to demonstrate for it to be viable. Firstly, it must have access to trained individuals that can perform site visits on a schedule to ensure that residents are being taken care of. Discreet care provision might need to engage local senior care homes to aid the developer in meeting the goals of the residents.
Additionally, the development needs to have access to services that are attuned to the needs of the elderly. Having provisions for this, including accessibility options and additional help for things like food delivery and garbage collection, could go a long way towards aiding these residents in their golden years. There are already plans to develop some of these senior residences, but whether they will be able to secure these kinds of partnerships remain to be seen.
The Future of Senior Care
As 2020 continues, the most significant change that should happen is the shift in how the public views the elderly. At Skylark Senior Care, we are acutely aware of how others see our residents, and we believe that a negative mentality towards senior independence needs to change. We need to think of the elderly as those who have achieved long life, so much so that they should be celebrated, not looked down on. If you want to see how we prefer seniors to be treated, check out our offices today!