Results highlight the keys to growth and staffing in today's senior living landscape.
CLEVELAND, Feb. 7, 2024 /PRNewswire-PRWeb/ -- Senior Housing News, a WTWH Media publication, has released the results of its 2024 Senior Living Outlook Survey, identifying the top challenges and opportunities for owners and operators in the year ahead. Asked about the hiring environment in 2024, respondents noted that staffing will continue to be the industry’s top challenge.
But those concerns seem to be assuaged by an increased optimism for the industry’s short and long-term prospects, with respondents predicting occupancy rate growth and indicating their plans to be buyers in the M&A space.
Senior Housing News conducted the survey in partnership with CRE financing leader Lument, with the objective of learning about how operators are steering the industry to pre-COVID occupancy levels in a post-COVID world.
The results show the views of 165 senior housing professionals in a variety of leadership roles and organizations, painting a bold picture of the industry-wide sentiment in 2024 and beyond.
In summary, respondents indicated:
- Staffing remains the greatest challenge for operators in 2024.
- Despite challenges, respondents are largely optimistic about the state of senior living in 2024. Nearly 75% believe occupancy rates will rise this year.
- Middle-market opportunities abound as the need for housing among middle-income seniors rises and operators expand their approaches to delivering affordability to seniors.
“For the first time since the pandemic, senior living operators are feeling overwhelmingly bullish about industry growth," said Senior Housing News Editor Tim Regan. “With census stabilizing and investment opportunities expanding, industry leaders are seeing a comeback year for senior housing.”
Aaron Becker, Senior Managing Director of Lument, also shared his thoughts on the 2024 Outlook Survey:
“With 2023 and all its challenges behind us, we begin the new year on a decidedly optimistic note. Long-term underlying fundamentals remain overwhelmingly positive, and a stable, more favorable market will contribute to a narrowing of the bid-ask spread which should positively impact debt proceeds, cap rates and valuations. Clearly those of you in the industry agree, as evident by this survey’s finding that 87% of respondents are somewhat or very positive about the months ahead.”
The survey was conducted online between November 8 to November 30, 2023. Access the full survey results here.
About WTWH Media and Senior Housing News
WTWH Media is an award-winning, digital-first B2B media and marketing company that connects brand marketers with targeted, hard-to-reach audiences of executives and practitioners. The company serves three core industry verticals including Engineering, Healthcare and Life Sciences, and Foodservice, Retail, and Hospitality. Senior Housing News is the leading source for news and information covering the senior living and senior care industries. For more information on WTWH Media, please visit wtwhmedia.com.
Lument is a New York-based lender and financing partner specializing in delivering financial solutions that advance senior living operators’ abilities to realize their financial and operational goals. They bring a sophisticated appreciation for the intricacies of multifamily and seniors housing and health care finance, a well-rounded product set and a determination to provide the best possible outcome for every transaction, regardless of investment size. Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and health care real estate as well as other commercial real estate segments. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment banking, and investment management solutions. For more information, visit lument.com or call us at 212.317.5700.
SOURCE WTWH Media