Q: How can a market scan determine potential markets for the event of latest senior housing?
A: Though the senior dwelling trade continues to be coping with challenges, older grownup demographic progress continues to be sturdy, and occupancies are predicted to achieve the mid-90% ranges by 2026. Everybody agrees there will probably be a necessity for extra senior housing to handle this demographic progress, and now could be the time to begin planning for this progress and new improvement.
Many builders and operators have recognized a number of market areas or areas of curiosity and are searching for a realistic method to judge and prioritize these areas for potential new senior housing improvement.
The market-scanning process could be a cost-effective device for evaluating a number of market areas for senior housing improvement by a quantitative evaluation of a number of demographic and market metrics. The target of the market scan is to develop a scoring system that can rank the market areas of curiosity in precedence of potential alternative for brand spanking new improvement. This process additionally may be helpful in figuring out the potential want for particular dwelling preparations and/or figuring out “alternative clusters” for the geographic coordination of a number of tasks inside a regional space.
A demographic evaluation for every space of curiosity would come with an analysis of the important thing older grownup family age cohorts and grownup kids households. The demographic evaluation additionally would deal with affordability by quantifying income-qualified households in every of the cohorts. The market-scanning process would determine the present senior dwelling provide and quantify the whole variety of items/beds in every market space. Different metrics additionally may very well be thought of relying on the targets and particular scenario of every developer/operator.
The market-scanning process is only a quantitative, data-driven evaluation and doesn’t substitute a market research, which might be a subsequent step within the total analysis of feasibility. These are usually not the one metrics to be thought of within the analysis of senior housing, however they will present preliminary perception into the provision and demand components that point out want for brand spanking new Senior dwelling services and products for planning functions.
Lynne Moore is president of MDS Analysis Firm Inc., a nationwide senior dwelling and healthcare consulting agency based mostly in Fort Value, TX, that has been serving shoppers for extra 50 years. MDS is a two-generation firm – she is following in Jim Moore’s footsteps. Ms. Moore is accountable for all MDS market research-related tasks involving all facets of senior housing and healthcare. Lynne Moore could also be reached at (817) 731-4266 or lynnemoore@m-d-s.com.
The opinions expressed in every McKnight’s Senior Residing visitor column are these of the writer and are usually not essentially these of McKnight’s Senior Residing.
Have a column concept? See our submission pointers right here.
