Three ways to improve senior living market studies
Check out this article by Senior Housing News, which provides three high-level takeaways from the "Market Feasibility Disrupted: Rethinking Industry Norms" panel Plante Moran Living Forward hosted at this year's Senior Housing News Summit in Chicago.
In last month's Senior Housing News Summit panel in Chicago, staff from Plante Moran Living Forward were joined by a diverse team of senior living consultants, operators, and investment bankers to discuss how today’s senior living market is demanding a new approach to market feasibility analysis.
During the panel, we looked at the current state of market feasibility and due diligence reports and considered how what's worked well in the past may now be falling short given the fast-paced changes the senior living industry is experiencing.
The panel hit on three insights to explain how further due diligence can improve the effectiveness of a senior living market study:
- Dig deeper into the potential senior living residents' net worth to be sure your new units or beds are affordable to your target market.
- Assess the labor market before breaking ground — oftentimes a market area shows demand but lacks the labor to support a new facility.
- With more than 29,000 senior housing units added in the last year, it's imperative you consider not only current inventory but also future development when assessing supply and demand for your target market.
Think through the implications of your market study, and understand how the different data sets — including labor, income sensitivities, and current and future inventory — come together to inform your decision to break ground on a new project.
Read more about the panel's insights at seniorhousingnews.com >>
If you'd like a deeper dive into the topic, watch our one-hour webinar >>