Residential assisted living homes have huge benefits over large institutions, the small intimate setting is causing this industry to tremendously grow in popularity.
NextAvenue.org recently published an article titled, “Why Small, residential assisted living facilities are growing in popularity.”
This is a reality many investors are facing on a regular basis.
The article starts off with an explanation as to why seniors are racing to residential assisted living.
JOURNEY TO ASSISTED LIVING
“As so many epic journeys do, mine began with a 2:17 a.m. phone call. Gary — my stepfather and my mother’s primary caretaker —had a heart attack. He was almost certainly going to survive, but that left no one to take care of mom. A year prior, my mom had a massive stroke that did severe damage to her cognitive processing.
After a few weeks with us, she ended up in the hospital. It was clear she’d need to go to assisted living after a short stay in a nursing home for rehab. The rehab didn’t help, and what we thought was a great place turned out to be a horrible experience. After three days, we knew we needed to get her out of there.
I am an expert in senior living, founding and publishing a leadership blog for senior living owners and operators. Yet even I naively believed that finding the right assisted living community in my own backyard would be a snap. It was not. After visiting several large traditional senior living communities, none seemed quite right.”
The writer of this article, like countless other adult-children, needed to find a way to secure quality care for his/her parents.
How can investors and owners benefit from Residential Assisted Living financially and personally by doing good and doing well?
WHAT IS RESIDENTIAL ASSISTED LIVING
“Our last stop, however, was a very different kind of assisted living community. It was a lovely single-family home that had been converted into a six-bed residential care home and with never more than six residents at a time. At least two staff members were around 24 hours a day. They got to know my mom and took great care of her until she died, eight months later. They also took great care of Gary, who went to visit every afternoon.
The small assisted-living model, sometimes known as residential care or board and care facilities, has evolved tremendously over the past 20 years and more of these homes are opening every week. Concerns about the health and safety of residents during the pandemic in traditional, larger assisted living facilities, is one reason interest has been growing.
One of the leaders of this movement is Gene Guarino, founder of the Residential Assisted Living Academy, which helps individuals and companies open and operate small assisted living communities across the country. Guarino’s facilities house five to 21 people.”
Residential assisted living is distinctively different from big box assisted living facilities and nursing homes.
Typical Benefits of Small Assisted Living Communities Vs. Large Ones:
- A more intimate setting that feels like a home
- A deeper relationship with caregivers
- A higher level of staffing with faster response times
- The ability to live in a residential neighborhood
- Easier control of viruses
- Easier to accommodate visits from family members
- Home-cooked meals
These small residential assists can sometimes be as luxurious as 5-star hotels, costing $6,000 -$10,000 monthly. You can also find small assisted living homes in the $2,500 a month to $4,500 a month.
The lower costing communities often take residents who are on government support, reducing the cost.
Government assisted senior care is not the model used by the Residential Assisted Living Academy.
REDEFINING THE ASSISTED LIVING INDUSTRY
To find a small assisted living facility, start by asking friends and family members if they’ve had any experience with one.
Also, you can begin a web search of assisted living facilities; you may have to scroll to the second or third page to find these small homes.
The Residential Assisted Living Academy teaches everything from A-Z about owning and operating a successful assisted living home.
Visit RALAcademy to register for the next 3-day course that is helping investors and owners to redefine this rapidly growing industry.