By: Shawn Rader
Tim Regan of Senior Housing News recently authored an article entitled, “Why Senior Living Developers Should Be Careful as New Construction Ramps Up Again,” that warns of several factors that must be considered in today’s market when deciding if the timing is good to launch a new senior living project.
After the 2020 downturn, construction starts are up, but…
- Overbuilding is a risk. Look around to see if there are any properties nearby already approved for a senior living development.
- Covid is still a danger, with a surge in the BA.2 variant possible.
- Staff employees are down 7% from pre-Covid days. Make sure enough staff will be available if the project opens.
In short, the phrase of the day is forward—with caution!