McKnight’s Senior Living July 25, 2024
The senior living industry finds itself facing continued financial headwinds in 2024, the roots of which are multifaceted:
- Occupancy: Although occupancy trends have improved favorably relative to levels last seen pre-pandemic in select markets, the “aging in place” trend started by the pandemic continues to affect resident admissions and lease-up trajectory of newer communities, hampering revenue generation and resulting in higher concessions packages in many instances. Competing communities and an oversupply of beds in several markets also are driving the pace of occupancy gains.
- Labor costs: Rising labor costs fueled by a nationwide staffing shortage are squeezing profit margins. Although contraction in agency cost usage is being realized, inflationary factors are resulting in many struggling to compete with...
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