There are a number of substantive signs that the demand for senior housing and living facilities continues to rise and will continue to increase over the course of the next year. Probably one of the most significant indicators of such growth is the ongoing and increased demand for senior property housing management positions in this industry, in particular individuals with extensive experience in property management development, senior living, and other real estate management with specialized experience in senior housing. The demand has become such that a number of universities are developing real estate management programs that are specifically geared toward senior citizens. George Mason University has formed an industry internship with senior housing partners and since “the program’s inception, the Virginia university has completed over 100 internships with many leading operators, including Brookdale, Sunrise Senior Living, HCR Manor Care and Erickson Living [and where] students working toward degrees in senior housing administration are required to complete a 15-week internship within a senior living community, rotating through each department.”
Part of the strong continued interest in senior housing executives and managers is a result of the seemingly high turnover rate among existing professionals. The high demand for such professionals has created a competitive atmosphere among employers as qualified employees are seeking the highest compensation packages available, even if that means jumping ship to another firm. ] As the article describes, “turnover rates among assisted living staff in general is significantly lower, but still extremely high. Overall, assisted living staffing has a turnover rate of 24.2%, according to a survey from the National Center for Assisted Living (NCAL).” As a result, the high turnover rate has and continues to have “serious implications for senior communities, including lower occupancy rates and higher costs to providers, which is why operators have their sights set on the incoming class of graduates.”
In other words, if senior housing living facilities and property management companies want to capitalize on the long-term boom in demand, they must also find consistency in terms of the professionals that they seek to employ. Many companies such as Erickson Living and Sunrise “have both found successful hires after utilizing interns” from the George Mason University program. It is anticipated that these senior housing and real estate management companies will continue to expand at major business schools throughout the U.S. to meet the uptick in demand for such professionals.
Senior housing providers are at a pivotal moment in time. Cambridge Realty Capital is versed in a variety of investments in the senior housing market. Our experience and expertise make us a leader in the investment world.
