A comprehensive Senior Living Market Analysis or an assisted living feasibility study for assisted living is a must-have tool that can help developers and assisted living managers make the right decisions for building or expanding their facilities.
At Senior Consulting, LLC, we recommend our assisted living management clients commission an analysis as early in the project development as possible, as their results can shape and direct choices ranging from site location to interior design to marketing.
A Senior Living Market Analysis works to analyze your competition and current market demand for additional services, such as independent living or dementia care. Our research has indicated that almost every regional market in the country has a growing need for memory care specifically. To insure the success of a senior living project its it critically important to research the competitive environment and local demographics to determine the most desirable unit mix, apartment types and amenities which will position the new project to be successful when compared to existing competitors. A thorough evaluation of the competitors can reveal demand trends which can be incorporated into the architectural design while the proposed project is still on the drawing board. Each market is unique, so applying a successful mix from one location may not take advantage of the localized economy and demand trends somewhere else. Armed with this local knowledge the developer can design a facility and offer unit types and amenities which may be in demand but lacking at competing projects.
We will utilize the results of the study to work with you on developing an appropriate plan and timeline for building or expanding services in your facility.
In the assisted living feasibility study, we analyze the demographics of potential customers and also the potential competitors in your area. Our comprehensive Senior Living Market Analysis will mystery shop each competitor to determine their strengths and weaknesses. Additionally, we will draw data from licensing authorities to telephone surveys to discussion with area planners and agencies geared toward elderly services. We also include a demographic segmentation analysis that includes age, income, and amenity needs is included.
When considering the ideal location for a new or expanded site, we believe it is imperative to consider the physical and environmental elements of each new service area. Such elements can include, but aren’t limited to, highways, mountains, and rivers. We will always encourage our clients to build where the site can be easily accessed by transportation for both family and staff.
Our Senior Living Market Analysis will share with you recommendations, upgrades, and plan adjustments where appropriate when it comes to things like overall project size, services and care levels, as well as the sizing and mixing of units, their pricing, and potential add-on services and amenities. Many projects have failed because the developer did not balance the units size and mix with the local market demand and affordability. While you want to have as many one bedroom and deluxe units, all those larger units will not do you any good if people are looking for cost conscious studio apartments.
Contact Us to speak to a senior living consultant about how our Senior Living Market Analysis can enhance the quality and success of your assisted living facility.