Residential assisted living is all about location, location, location. Find the right location, and you are on the path to setting yourself up for success. Like any other business, residential assisted living is focused on bringing the right service to the customer. In this industry, the customer is the resident. The right location puts you in the best spot to keep your RAL home occupied. Without residents, it doesn’t matter how amazing your staff, your amenities or programs are. Residents are the fuel that will launch your business off the ground – are you ready to take off? You can launch your new RAL home anywhere in the country, because seniors are everywhere. Currently, there are some key locations for optimal success.
Three Ripe Locations For New RAL Home Developments
- Augusta, Georgia
- Virginia Beach, Virginia
- McAllen, Texas
Why these locations? What makes them ripe for investment? They are not exactly on major highways or host international airports. So, why these three cities?
Where Should You Build Your Next Senior Living Home?
There is a concept common among marketers – the law of large numbers. Actually, the concept was created by Jakob Bernoulli, a Swiss statistician in 1713. When a population is large, what is the probability that “X” will happen or “Y” will not. Bernoulli used statistics in its most simplest form. However, business owners, investors and marketers quickly adapted the concept to fit their needs. So, when the question is posed, “where should you build your next senior living home?” The law of large numbers is a quick and honest means of evaluating opportunities in our free-market society. Ask yourself, “Which states will see the most growth in senior households?” The law of large numbers provides you with a quick list of states who will see the largest increase in senior households in America between 2015 and 2030.
12 States With The Highest Expected Increase of Seniors
- Nevada, which is expecting a 125% increase
- Alaska, which is expecting a 117% increase
- Arizona, which is expecting a 95% increase
- Georgia, which is expecting a 85% increase
- Idaho, which is expecting a 82% increase
- South Carolina, which is expecting a 82% increase
- Utah, which is expecting a 81% increase
- Colorado, which is expecting a 77% increase
- Virginia, which is expecting a 71% increase
- Texas, which is expecting a 70% increase
- Delaware, which is expecting a 68% increase
- North Carolina, which is expecting a 68% increase
Now, do you have a better idea where to spend your investment dollars? Where your energy will burn the best? Where your market analysis will glean the most optimal opportunities? Where real estate will be most valued? The list of potentials can go on and on, but as an investor or business owner of residential assisted living homes, you want to know where the largest opportunities are because it also lends to the greatest return. For example, why not invest in a state that is not listed above? The security of your investment in a residential assisted living home is most stable in states where the senior demographic is growing. These demographics are growing at an alarming rate in the aforementioned states. The two factors are hand and glove.
This alarm is not a negative alarm, but the opposite. It is a positive one for the investor because you have the opportunity to prepare for the coming needs of millions of Americans. A quick glance at the above list will quickly show an investor that the senior demographic is growing in America. It also shows the southern and western states containing the areas of growth. Therefore, those two American regions confirm the law of large numbers. Investors can engage in projects in these states and feel more secure that the return will be optimal. Remember, location is everything.
Steps To Plan Your Next Senior Living Development
Investment experts familiar with the senior living market regard it as a high-growth industry. While overbuilding is an issue in some markets, there is a broad opportunity for an investor to strategically plan an entrance into this market.
The fact of the matter is that because of the baby boomer generation, the number of seniors is projected to grow significantly across the board, however, some areas will see more concentrated growth. While this article provides a preliminary market list of leading metropolitan areas, a comprehensive market study is still required. Investors should engage in a market study before making a final decision about location. These locations are meant to provide investors with direction to save time and money. Market studies are more comprehensive – the level of detail is unparalleled.
These studies account for more than just favorable trends — they look specifically at a neighborhood and its surrounding market area for demand indicators. These indicators include occupancy, labor, age and income qualified seniors, demographic information about adult children, competition, and many more factors. Market studies offer the detailed information investors need to make an informed decision pertaining to where an investment should be made. These important steps enable investors to reap a positive return. So, get started analyzing for your opportunity in residential assisted living today.
Help Is Available
For more information or assistance, reach out to Residential Assisted Living Academy. Learn more by going to www.RAL101.com and get ready for the next big investment opportunity of a lifetime. This winning business blueprint will help you get started and scale your business and profits. In addition to the step-by-step training process that has been developed over five years by Gene Guarino, you will also gain access to shared knowledge. Use the right resources to accelerate your vision.