In a post-COVID world, the senior living industry is “cautiously optimistic” about its future as it experiences significant market changes driven by a combination of demographic shifts, evolving consumer preferences and advances in technology, according to Argentum, which released its 2023 list of the 150 largest senior living providers in the nation on Friday.
The report revealed a shuffling of the top 10 largest providers, but all remained at or near their 2022 positions.
Brookdale Senior Living maintained its top spot on the list, with Five Star Senior Living — the senior living division of AlerisLife — dropping two spots to No. 6 this year, from the No. 4 spot last year. Discovery Senior Living (No. 7 this year) and Senior Lifestyle (No. 8) swapped places from last year, as did Watermark Retirement Communities (No. 9 this year) and Integral / Solstice Senior Living (No. 10).
Other top 10 providers are Atria Senior Living (remaining at No. 2), LCS (maintaining at No. 3), Erickson Senior Living (No. 4) and Sunrise Senior Living (No. 5).
Top 10 largest providers by total units:
- Brookdale Senior Living: 55,430 total units
- Atria Senior Living: 42,501 units
- LCS: 31,523 units
- Erickson Senior Living, 23,800 units
- Sunrise Senior Living, 23,176 units
- Five Star Senior Living: 19,554 units
- Discovery Senior Living, 14,660 units
- Senior Lifestyle, 14,129 units
- Watermark Retirement Communities, 11,336 units
- Integral Senior Living: 10,451 units
Eleven providers moved up on the list by 10 or more places, according to the association, which ranks providers in size by number of units, number of employees, types of care and services offered and more.
Topping the list of the 30 largest assisted living providers are Brookdale (30,570 assisted living units), Sunrise (13,944 units) and Atria (9,895 units). Five Star fell from the No. 3 spot last year to No. 5 this year, while Atria, which was not on last year’s list, landed at the No. 3 spot.
The three largest independent living providers changed this year. Atria (30,692 units), which wasn’t on last year’s list, claimed the No. 1 spot, followed by No. 2. LCS (22,658 units), which dropped from No. 1 on last year’s list. Erickson SEnior Living (21,765 units) landed at No. 3.
Brookdale continued to lead the list of largest memory care providers, with 8,996 memory care units. Sunrise maintained its No. 2 spot with 6,233 units, followed by Frontier Management LLC with 3,126 units.
The largest continuing care retirement / life plan community providers also changed this year. Trilogy Health Services, which didn’t make the top 15 last year, landed at No. 1, with 115 CCRCs, followed by LCS, which dropped from No. 1 to No. 2 this year, with 86 CCRCs, followed by Century Park Associates, which maintained its No. 3 spot with 31 CCRCs.
The full lists can be accessed via the Argentum website. The report, based on company-provided data via survey, also includes information on the potential effects of artificial intelligence on the senior living industry, growth in the home care market based on a preference to age in place, and information on inflationary pressures and workforce projections.
The report was prepared in partnership with Lument and sponsored by Accushield.