Yet this lack of recent growth has created the makings of a new facility boom in memory care. In our recent Assisted Living Market Analysis, we have found that there is a real need for memory care consulting, especially in the Northeast market. Memory care facilities in the Northeast market are at 99% occupancy, and as more and people are diagnosed with Alzheimer’s and dementia the supply will not be able to meet the demand.
Savvy memory care managers will prepare for this new boom today and start taking steps to prepare for the incoming flood of new residents especially in regions where the market is not yet saturated. For example, while the Northeast market has a high 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.
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.
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.