Retirement Communities in the US - Industry Market Research Report

Golden years: Alleviating concerns about the pandemic will continue to increase occupancy rates at industry facilities

Broad changes in the country's demographics have driven the growth of retirement communities in recent years, as healthcare providers recognize the aging population's need for integrative eldercare. Retirement communities provide essential assisted living services to seniors suffering from chronic illnesses, while independent living facilities grant senior citizens with less medical needs freedom of choice. The industry has been resistant to economic downturns, but the disproportionate number of COVID-19 deaths at facilities in 2020 resulted in steep declines in occupancy. The industry's nondiscretionary nature makes it difficult for prospective residents to deter care for significant bouts of time. Revenue is expected to increase at a CAGR 0f 2.8% to $94.2 billion over the five years to 2023, including a decline of 1.2% that year. Profit is expected to account for 7.2% of revenue in 2023. This industry provides residential and personal care services for the elderly and other individuals who are unable to fully care for themselves or who desire to live in a community facility. The industry excludes companies that predominantly provide inpatient nursing, skilled-nursing or rehabilitative services. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.