A new marketing campaign is bringing together unaffiliated senior living communities and sponsors to communicate the benefits of senior living to prospective residents and their families in the era of COVID-19, with the effort ultimately expected to reach a majority of states.
As the COVID-19 pandemic took hold in the second quarter, units in the senior living sector emptied out as never before. Occupancy levels declined by 2.8% to 84.9%, according to the National Investment Center for Seniors Housing & Care. Both tallies were the worst ever recorded by NIC, which has been tracking such numbers for the past 14 years.
Add standard liability insurance to the list of woes that seniors housing and care operators must address. Such coverage is not only getting more difficult to find, rates are climbing by as much as 300%, according to Reuters.
The long-term outlook remains positive for the senior living industry, which is adapting to change brought on by the COVID-19 pandemic, according to a new report.
Although assisted living communities are home to residents who “are completely just as vulnerable” as nursing home residents to COVID-19, “we sort of tend to ignore them in these situations” because the communities are licensed by states instead of the federal government and don’t receive much funding from the Centers for Medicare & Medicaid Services, one expert witness told the Senate Special Committee on Aging on Thursday.
Senior living communities saw a 41% decrease in inquiries, a 27% decrease in initial tours and a 22% decrease in move-ins in April based on year-over-year averages, according to a new report.
Virtually overnight, many operators are finding themselves in the fight of their lives.
Bob Kramer transitioned from CEO of the National Investment Center for Seniors Housing & Care in mid-2017, becoming senior adviser to the organization he had co-founded in 1991. At the time, starting a new company wasn’t in his plans. But then COVID-19 happened.
Occupancy at senior living communities potentially could fall by half in the next year if move-ins come to a halt as a result of the coronavirus pandemic, according to BMO Capital Markets.
The coronavirus has not negatively affected senior living community move-ins to date, according to the results of a newly released survey conducted by Activated Insights in conjunction with the National Investment Center for Seniors Housing and Care. In fact, in some cases, occupancy has seen a recent improvement.
