Our Senior Living Research Reports and Alzheimer’s Feasibility Studies on memory care facility opportunities has confirmed what we have known for the last several years: there is currently a major business opportunity for facilities managers when it comes to stand alone memory care facilities or units.
Development of new memory care facilities over the decade has been slow as the market was recovering from a facility in the 1990s. Few new facilities have been built, and for the most part memory care development has been relegated to add-on units and beds in assisted living or independent living facilities.
However, we are now seeing a reversal in market demand, as the Baby Boomer generation continues to age and require dementia related care. We have found that there is a real need for memory care facilities, especially in the Northeast market where there is currently a 99% occupancy rate. Other areas of the country only boast a 90% occupancy rate for memory care facilities. These open market areas have been and could continue to see an impact on occupancy rates based on what happens in the housing market.
At Senior Consulting, LLC, we are privileged to work with Ben Pearce, the president of Memory Care Management and Consulting and a leading expert in the field memory related care. He has almost thirty years of experience working with 120 communities in 23 states. In addition to writing the authoritative guide on senior residential facilities, Ben has been responsible for the development and planning of 75 assisted living facilities around the country from scratch.
While we can’t predict everything that can affect the market over the next several years, what we can see today points to a huge opportunity for people who are ready to build a new facility or turn around a distressed assisted living facility or underperforming assisted living facility by adding a memory care unit. Our memory care feasibility studies indicate that now is the right time for memory care managers to make a move.
Please Contact Us to speak to a memory care consultant for more information on memory care consulting and what your company can be doing today to prepare for tomorrow.