The senior living industry is evolving based on the continuum of care, with assisted living and memory care communities potentially having a better advantage in increasing penetration rates. Data from the National Investment Center for Seniors Housing and Care (NIC) shows fluctuations in penetration rates across different segments. Assisted living and memory care units recovered quickly in 2020 despite a drop in demand, positioning them well for future growth.
These types of communities have a needs-based approach, catering to those transitioning from other settings or moving from non-congregate environments. As a result, they have a built-in consumer base which could lead to improved penetration rates in the future. Cities like Minneapolis, Kansas City, and Phoenix reported high penetration rates, while others like Portland and Seattle saw declines. NIC’s upcoming research aims to uncover the factors driving these variations in penetration rates, offering insights into market trends.
