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Influence occupancy rates
71.5% of people 55+ who planned to move to a retirement community would do so to have more social contact and activities.17
65% of people looking at independent living communities value on-site services and recreation.36 (1,190 older adults)
The number of housing units that are occupied and generating revenue is the critical metric for senior living organizations.9 Occupancy drives revenue streams.
A well-managed and comprehensive wellness program with competent staff is a competitive advantage that increases word-of-mouth referrals and marketing opportunities, and maintains resident satisfaction. The more engaged a resident is, the longer that person is likely to stay in the community and take advantage of service offerings.
Often the adult children or other trusted relatives strongly influence or make the housing decisions for their elders. In fact, over three-fourths of the adult children whose older relative resided in seniors housing or long-term care were involved in the decision, according to National Investment Center for the Seniors Housing & Care Industries (NIC). This is an important consideration since younger-older adults place a high value on a residence where there are opportunities for life activities. Who wants to see their relatives unhappy and staring out a window all day?
Opening the wellness program to prospects once they are placed on the wait list maintains their interest in the community and reinforces the decision to move in. Since wait-list participants already know so many other residents because of their involvement in the community, integration is easier.
High occupancy rates and solid waiting lists are important not only for current revenue streams. These indicators are also examined by banks as part of the criteria for capitalization.10
Continued...Reduces turnover
