Long-Term Care Industry on the Rise
The Senior Living industry is experiencing slow but steady growth, according to an article recently published by McKnight’s Long-Term Care News. This is exciting news for both the clients and candidates we serve on a daily basis. For our clients, this is a great indicator that building occupancy will remain intact with the prospect of rising in the future—increasing the quantity of residents that can receive quality care while increasing revenues on the facility level at the same time. For candidates, this shows that senior care employees will be in high demand due to the growing market—leading to more job opportunities that we at Govig Senior Care can help you take advantage of. Simply put, this news is a win-win for everyone involved in the senior living industry. To view the full article, continue reading below.
Senior living benchmarks continue to improve, finance expert notes
An improving economy, an aging nation and enhanced funding sources are fueling growth in the senior living sector, according to a leading industry analyst.
Michael Hargrave — chief market and data strategist for the National Investment Center for the Seniors Housing & Care Industry — offered a generally upbeat look at industry benchmarks yesterday during a McKnight’s Super Tuesday webinar.
Hargrave noted that occupancy rates for independent living rose to 89.3% in the first quarter. Skilled facilities (88%) and continuing care retirement communities (89%) were essentially unchanged, while assisted living (88.8%) was down by about 0.1%. Hargrave said the sector can anticipate slow but steady growth in the months ahead.
Funding sources are also showing improvement, he added. Real estate investment trusts remain a dominant funding source. But banks, finance companies, commercial mortgage backed securities and even the Department of Housing and Urban Development are loosening up their purse strings, he added.