Trends

• The U.S. Census Bureau forecasts that the population of individuals aged 85 and older will more than double from 6.7 million in 2020 to 14.4 million by 2040, and further increase to 18.6 million by 2050.

• From 2022 to 2028, the national median annual growth rate for seniors aged 85 and older is projected to be 1.5%, leading to an estimated increase of 622,000 individuals in this age group by 2028.

• In 2024, the senior living industry is focusing on reducing staff turnover and enhancing the workforce experience through upskilling, flexible hours, and career growth opportunities, which are aimed at stabilizing staffing shortages and improving job satisfaction​.

• Despite the higher costs of contract nursing labor that peaked in 2022, industry efforts in 2023 have gradually decreased reliance on external labor, with technology-driven solutions improving staff efficiency and care outcomes​.

• Focus On Margin Improvements

  • Senior living and care operators are working to enhance margins by balancing rate adjustments, increasing occupancy, and optimizing operational costs. Strategic redesign options are also being explored to improve profitability amid ongoing expense pressures.

• Financial and Market Challenges

  • The industry faces persistent inflationary pressures, particularly in staffing costs, and varying revenue impacts across senior living, skilled nursing, and home health sectors. Additionally, the aggressive Federal Reserve tightening cycle and looming debt maturities pose significant capital market challenges, requiring careful risk management and strategic capital allocation.

Telehealth and Remote Monitoring

• Telehealth platforms enable virtual consultations, reducing the need for in-person visits.

• Remote monitoring can decrease hospital readmissions by 30% through proactive health management.

Smart Home Technology

• • Studies indicate that smart home systems can reduce the risk of falls by up to 50% through features like automated lighting.

  • By 2025, it's expected that nearly 90% of senior living facilities will adopt advanced smart technologies to enhance resident care and safety.

Social Engagement

• • Communities that offer diverse social programs see a 30% increase in resident satisfaction and overall well-being. 

Personalized Care

• • Facilities implementing personalized care plans report a 25% reduction in resident anxiety and depression levels. 

Activity Participation

• • Residents engaged in regular activities are 40% more likely to report feelings of fulfillment and happiness. 

Technology Use

• • 65% of seniors in communities that utilize technology for social interaction (like video calls) feel more connected to family and friends. 

Feedback Systems

• • Facilities with active resident feedback mechanisms experience a 20% increase in overall resident retention rates.