This story is part of your SHN+ subscription. This week, senior living industry executives and leaders gathered for the annual NIC Fall Conference in Washington, D.C. Unlike the previous year’s gloomy tone, this year’s conference felt more optimistic. Leaders from companies like Experience Senior Living, Discovery Senior Living, Treplus Communities, Solera Senior Living, and Avenue Development shared their strategies for growth and evolution in the industry.
One key takeaway from the conference was the industry’s cautious optimism for growth in 2025 and beyond. With factors like interest rate cuts and a projected $275 billion development supply gap in the next six years, many operators are preparing for growth. However, there is a consensus among industry leaders to proceed carefully to avoid over-supplying the market.
Discovery Senior Living CEO, Richard Hutchinson, believes that 2025 will be the year for significant growth in the senior living industry. Operators like Treplus Communities and Experience Senior Living are already planning for expansion, but they are mindful of not rushing into new markets too quickly.
As the industry evolves, operators are also developing new models to cater to future customers. Active adult operators like Avenue Development are implementing innovative strategies to offer a unique living experience that combines active adult lifestyles with access to healthcare services.
Despite the opportunities for growth, the industry still faces challenges such as affordability, care limitations, and workforce issues. The transition to value-based care is seen as a potential solution to address these challenges and improve the quality of care provided in senior living communities.
Overall, there is a sense of cautious optimism in the senior living industry as operators navigate the path towards growth, innovation, and value-based care. The future holds exciting opportunities, but careful planning and strategic decision-making will be crucial for success in the evolving landscape of senior living.
