As the nation’s older adult population continues to increase, so too does the demand for alternative living options beyond the traditional independent living, assisted living and nursing home models.
In an effort to respond to a new pocket of seniors looking for more individualized aging approaches, several start-ups are introducing new living options and resources, and they soon may become an additional referral source for more traditional long-term care.
With plans to expand to Tampa, Orlando and Jacksonville, FL, by this summer, Fort Lauderdale, FL-based UpsideHōM is a co-living startup that launched last year and has seen growth amid the COVID-19 pandemic. The firm’s business model is based on partnerships with existing apartment complexes that allows them to provide a “turnkey” experience for customers, and its target customers are those falling between empty nesting and requiring 24/7 care.
“We honestly don’t even view ourselves as competitors to traditional senior living providers,” UpsideHōM Founder and CEO Jake Rothstein told the McKnight’s Business Daily. “We’re committed to finding new customers that wouldn’t have even looked at senior living.”
Renters can choose from various layers of services from a “dedicated HōM manager and receive one bill at the end of the month. The company also tends to try to cluster buildings geographically around community hubs such as YMCAs or Jewish community centers, and it offers amenities such as travel planning, grocery delivery, transportation and lifelong learning programs.
No on-site care is provided within the firm’s model, yet as a result of ongoing data collected from its renters, the company could serve as a great referral source for more traditional assisted living or skilled nursing facilities when that level of care or service becomes necessary for a resident, Rothstein said.
“As people age with us, we have a good finger on the pulse of our residents,” he said. “If and when someone becomes physically or cognitively unable to live alone, we’re looking to expand our partnerships with more traditional models of care and continue to serve our customers as a referral source.”