Seniors housing is at an inflection point where new products and services must be conceived and implemented to serve a changing consumer profile. This is precisely the time for innovative operators and developers to shine.
A CRISIS IN CUSTOMER ENTHUSIASM
At its core, seniors housing is a consumer product. Its livelihood depends on consistent positive experiences with the “customer,” whether it be residents, their families, hospitals or insurance providers. Ostensibly, customer satisfaction is positive. According to an April 2012 study released by the Center for Retirement Research at Boston College entitled “Cost and Concerns among Residents in Seniors Housing and Care Communities: Evidence from the Residents Financial Survey” that polled over 2,600 residents across 158 communities, the majority of respondents (59 percent) either “strongly agree” or “agree” to the statement “the community offers me good value for my money.” However, upon closer investigation, only 15 percent “strongly agree,” whereas 41 percent either are “neutral,” “disagree” or “strongly disagree.” This implies that for every customer that is enthusiastic about the product, at least 2.5 customers harbor reservations about the value proposition.
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