Baby boomers are redefining senior living. Their demands and savvy have forced the industry to change a model based on decline, dependency, and disengagement into one that promotes growth, enrichment, and enjoyment.
The result is a variety of unique residential communities that offer aging consumers a lifestyle they’ll embrace well before a care-driven setting becomes necessary. These communities include pocket neighborhoods and co-housing communities, among other alternatives.
Disruptive Innovation
Modern retirement communities are embracing disruptive innovation to create the experiences that seniors crave. Many providers are shifting their business model to a value proposition beyond housing and into wellness, lifestyle enrichment, and community engagement.
These experiences center on creating a sense of home that translates to the individual and is personalized to each resident’s interests. Many incorporate community-within-communities designed around common themes, such as cultural exploration, outdoor adventure, or culinary excellence.
Residents also enjoy new technology that gives them instant access to program scheduling, activity opt-ins, and daily menus. These are paired with apps and wearables that provide safety and security benefits. These innovations transform the senior living industry by giving residents new ways to connect with their peers and the outside world.
Age-In-Place Hybrids
Many seniors who wish to age in place struggle with the decision to move from their homes to an outside facility. A move can be expensive and require extensive remodeling, which may not be possible.
A modern retirement community, like The Villas Wichita, can offer a solution to this issue. These communities provide safety assessment, security features, and emergency response systems in addition to a full schedule of activities.
These communities also help members take charge of their safety by offering workshops and classes on fall prevention, internet security, and personal safety. They also partner with local educational institutions, allowing seniors to continue their education, expand their horizons, and explore past interests for which they might have needed more time. This helps push back against the notion that aging in place means losing independence and joy.
Intergenerational Communities
Modern retirement communities are reshaping ideas of aging by offering opportunities for intergenerational connections. For example, many have lifelong learning programs that bring younger people and older adults together to learn from each other. Intergenerational interactions help to enhance cognitive stimulation for older adults and foster an environment of emotional well-being.
Intergenerational interaction also provides valuable mentorship opportunities for young individuals. Older adults can offer their life experiences and wisdom to young individuals, while younger participants can share their insights into modern trends, technologies, and viewpoints.
In addition, a growing number of retirement communities are building university-based retirement communities (UBRCs) on or near college campuses. This type of community allows seniors to continue their education and pursue their passions. The result is a vibrant and inclusive retirement lifestyle.
Value-Based Care
The current generation of older adults has a different view of retirement than their parents and grandparents.’ This group overwhelmingly rejects traditional senior living offerings, viewing them as condescending and patronizing.
New models are emerging that prioritize genuine resident outcomes while providing an attractive lifestyle. They recognize that emotional well-being and social connectivity greatly influence longevity. For instance, rather than sticking to a three-square meal schedule, modern retirement communities are implementing restaurants and cafes where seniors can enjoy healthy meals and snacks anytime. In addition, digital platforms enable caregivers to share real-time care plans with residents’ families instantly. This empowers providers to identify and resolve concerns before they escalate, resulting in better care and higher satisfaction.
Business Intelligence
With the baby boomer generation entering retirement rapidly, senior living communities are redefining what it means to live well. These new communities focus on wellness and provide a variety of programming to help seniors thrive physically, mentally, emotionally, and spiritually.
Many senior living operators also use data-driven platforms to make better operational decisions. For instance, data-driven tools such as churn analytics can help identify potential indicators for resident attrition and address them before they become more significant problems. This helps reduce churn rates, leading to higher occupancy levels and healthier margins. A data-driven approach to operations can differentiate success and failure in a competitive environment.
