Refocusing The Spotlight on Seniors
The Residential Assisted Living Academy is shining the spotlight on the largest growth opportunity in the assisted living market.
Larger-scale senior housing is growing, but not at the preference of the consumer.
This is because most seniors are seeking smaller residential-style homes with more affordable cost to assisted living.
Seniors are starting to think outside the box more and more.
Big box facilities, referred to as exclusive high-rises with luxury amenities, often do not satisfy the social and emotional needs, or provide the intimate setting most seniors desire and need.
These big-box facilities won’t crumble overnight, but the new model of residential assisted living is upstaging the big box.
Seniors want value.
They are people of more modest means who no longer desire to be segregated into elderly communities by age and ability.
As a result, the RAL home model has broken the mold of assisted living and overshadowed the traditional framework of senior housing.
Assisted Living Homes vs. Bix Box Facilities
In a nutshell, construction crews are devolving from developers picking their own preferences for big-box senior housing – seeking no input from seniors.
Instead of focusing on what works best for seniors, construction crews concentrate on project spreadsheets.
These big-box facilities are huge 120-unit complexes with swimming pools, basketball and tennis courts, and so much more.
They charge for amenities that most seniors are not able to use.
They charge for space that is not beneficial to the lifestyles of the elderly.
The National Investment Center for Seniors Housing & Care (NIC), has warned the industry of dire consequences posed by failing to serve the middle market.
Now seniors have a choice – a better opportunity to build healthy relationships, occupy a more functional space, and pay more affordable monthly assisted living expenses.
This more affordable and functional model of assisted living allows seniors to occupy traditional neighborhoods while living in smaller RAL homes.
Most RAL homes have less than 16 residents.
Middle-income seniors are expected to increase to 14.4 million by 2029. More than half of these individuals will lack financial resources to pay big-box facilities.
This is where more affordable RAL homeowners and operators are able to seize a sizable opportunity.
With 10,000 baby boomers turning age 65 daily, and 4000 turning age 85, currently, there are not enough assisted living beds in America to accommodate them.
However, small RAL homes have a solution to this unavoidable situation.
Small RAL Home Solution
Seniors run the risk of jeopardizing their health while staying at home. It is dangerous for older individuals to live in homes with multiple levels.
Seniors who get attached to their living spaces sometimes don’t want to relocate. However, most single-family homes aren’t designed to accommodate seniors.
In addition, living alone is a safety concern for seniors who are at risk of falls and require medication management.
These concerns force seniors to make a critical choice.
Either elderly people can risk accidents and isolation staying at home, or pay the costs associated with assisted living.
Many seniors are opting to liquidate their houses and use the equity to pay for middle-income assisted living in RAL homes.
The best method of catering to the middle market is the smaller model of assisted living.
As opposed to a big box 120-unit project, neighborhood houses are converted into residential assisted living homes.
Residential assisted living is the combined business of real estate and senior care.
It provides room, board, and care in an intimate family-style setting.
Small RAL homes offer better staff-to-resident ratios than large institutional nursing homes.
With hands-on personal care, community-based RAL homes are able to build healthy relationships between caregivers and residents.
It’s a family-oriented concept.
Most RAL homes provide family-style meals, supervision, medication management, social activities and assistance with Activities of Daily Living (ADLs).
Select homes offer specialized memory care for residents with Dementia and other related memory loss diseases.
The tide is shifting and the RAL industry understands its role in the market.
Knowing Your Role In The Market
There will always be larger and smaller assisted living developments.
The middle market is the perfect place for business owners and operators interested in sharing the spotlight with seniors.
This is because the number of middle-income seniors will nearly double to 14.4 million by 2029.
Now is the prime time to get engaged in the industry. With over half the baby boomers lacking financial resources to afford private pay, RAL homes will continue rising in higher demand.
Contact www.RALAcademy.com to learn everything from A-Z about starting your new RAL business during a 3-day live course.
Students learn how to think outside the box in developing new ideas for housing older adults.
Tours are provided to existing RAL homes where students are able to see how smaller residents work wonders for seniors.
RALAcademy understands the significance role RAL homes play in this rapidly growing market.
The concept works well. It’s all about understanding the need and finding a way to meet it.
This is why RAL Academy is the best way forward to equip new businesses for a successful start in this amazing industry of caring for seniors.
Gene Guarino is the founder of the Residential Assisted Living Academy. The New York native, currently residing in Phoenix, Arizona is a certified financial planner who has trained over 300,000 people worldwide.
Guarino educates students on everything they need to know about the market. His academy instructors mentor thousands of successful RAL home owners and operators nationally.
Guarino’s living legacy is aimed at increasing quality service in the assisted living industry.
The success of RAL Academy students nationwide offers proof that senior living is no longer etched into the mold of big-box facilities.