Real Estate Advisory Group
Leading provider of real estate valuation and consulting for investments and transactions.Real Estate Advisory Group
The coronavirus pandemic has severely impacted senior housing residents as the elderly, especially those in senior housing, are highly susceptible to the virus. The senior housing asset class is made up of a range of living facilities, including assisted living, long-term care facilities, nursing homes and memory-care facilities. This has caused a decrease in senior housing occupancies, but costs are still up. Facilities are now hiring more people, the cost of supplies has increased, they are buying more protective gear and investing in technology.
According to Ross Prindle, Managing Director and Head of Duff & Phelps’ Real Estate Advisory Group “For now, the lease-up across the spectrum of senior housing properties has ground to a stop, and move-outs are flat or accelerating. You can’t show properties. The model of paying lump sum to move in, that isn’t happening either. It’s come to a halt.”