New Senior Housing News Outlook Report Shows Providers Viewing 2023 with Overall Optimism In the Face of Ongoing Staffing and Occupancy Challenges
CHICAGO, Feb. 2, 2023
Results reveal continued M&A action for a seller's market, along with predictions of occupancy and staffing hitting pre-COVID levels by or near 2024.
CHICAGO, Feb. 2, 2023 /PRNewswire-PRWeb/ -- Senior Housing News, an Aging Media publication, has released the results of its 2023 Senior Living Outlook Survey, identifying the top challenges and opportunities for senior living owners and operators in the year ahead. Participants expressed an overall confidence in the industry's recovery, predicting noted improvements in occupancy and staffing over the next 12 months along with a renewed focus on purchasing assets.
Senior Housing News conducted the survey in partnership with senior housing and health care lender Lument to learn how providers are navigating the difficult road to recovery and growth in a post-pandemic future. The results show the views of 224 professionals who identify as working for organizations that provide senior living and care, painting a vivid picture of the industry-wide sentiment for the year to come.
These results deliver perspective and context around the industry's M&A outlook, with insight into predicted timelines of return for staffing and occupancy.
In summary, respondents indicated:
- Overall optimism about 2023. 79% of respondents described their industry outlook as "positive" with the majority also anticipating that national occupancy rates will increase in every category over the next 12 months.
- Occupancy rebound expected by 2024. 78% of respondents predicted occupancy to rebound to pre-COVID levels by either the second half of 2023 (38%) or by the end of 2024 (40%).
- Staffing — the No. 1 pain point of 2023 — will prove costly. 78% of respondents believe that staffing will have the greatest impact on their organization's expenses in the year ahead.
- Private equity to lead asset purchase uptick. Nearly half (48%) of respondents indicated that their company planned to purchase senior housing assets in 2023, while predicting that the biggest buyer (39%) will be private equity.
"Having weathered the greatest senior living storm of their generation, today's operators are beginning to see tomorrow's sunshine," said Senior Housing News Managing Editor Tim Mullaney. "Though pandemic recovery is ongoing, the results from our survey reveal a continued surge of optimism and activity."
"Survey results portray owner/operators doing their best to stay afloat during this tough economic stretch, knowing that the need for their business will be growing in the coming years and a full post-pandemic recovery is in sight," said Lument Managing Director Casey Moore.
The survey was conducted online between October 17, 2022, and December 19, 2022. Access the full survey results here.
About Aging Media Network and Senior Housing News
Aging Media Network, an innovative publishing company based in Chicago, Illinois, is the publisher of Senior Housing News, Home Health Care News, Skilled Nursing News, Hospice News and Behavioral Health Business. Senior Housing News is the leading source for news and information covering the senior living and care industries.
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 650 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, Member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission.
George Yedinak, Aging Media Network, 312.809.5755, email@example.com
SOURCE Senior Housing News