The National Investment Center for Seniors Housing & Care (NIC) has recently completed a survey, the results of which provide an optimistic outlook for the senior housing industry. The survey, compiled from the responses of proprietors and senior management of 39 different senior housing and care facilities of varying sizes, has been featured in Senior Housing News. It offers promising insights that will certainly bolster the confidence of senior housing providers.
Firstly, staffing, a long-standing challenge in this sector, seems to be improving. While the majority (82%) of the survey participants are still grappling with staffing shortages, this figure is significantly lower than the staggering rates of 90% to 99% experienced over the last year and a half. The survey highlights an upward trend in the successful recruitment of full-time staff, with numerous operators indicating that they are close to filling all their vacant positions.
Furthermore, there’s a notable decrease in the reliance on staffing agencies, implying a direct hiring approach is proving successful. Although hiring specialized staff such as nurses and nursing aides remains a hurdle, the challenges seem to be lessening.
Secondly, on the subject of occupancy, the dissipating fears around COVID-19 have resulted in an uptick in occupancy rates. Nearly half (47%) of the respondents reported that their independent living facilities have bounced back to pre-pandemic occupancy rates. Meanwhile, 37% noted a similar rebound in their memory care units. That said, assisted living facilities have had a slower recovery pace, with just shy of a third (30%) of the respondents witnessing a return to pre-pandemic occupancy rates.
In conclusion, the survey conducted by the NIC paints a hopeful picture for the senior housing industry, suggesting a recovery from the disruptions caused by the COVID-19 pandemic. The industry seems poised for a bright future, showing signs of adaptation and evolution to cater to the needs of an ever-growing senior population.