Memory care is a growing need, and it has been the focus of a lot of new development. But it can be risky as well.
Last week I talked about the first quarter occupancy and new construction stats, but today let’s focus on memory care. This has been an area of heightened investment interest because there are fewer memory care units in the market then AL and IL and, unfortunately, the need for memory care will only increase, and may increase at a faster pace than traditional assisted living. Some providers are even seeing an increase in the “young” population with memory care or other dementia-related issues, and I am talking about under 70 years old and not just retired NFL players. It is a difficult demographic to track, but it could become an important population group for memory care providers. The problem is that taking care of someone who is physically vibrant at age 62 and memory impaired involves a host of different care protocols, not to mention they are more likely to run out of money than a traditional resident. The memory care field continues to evolve, and more investors, lenders and providers want to get into the sector, some not fully understanding the risks and how hard it is to achieve the rewards. Join me tomorrow on our webinar as we discuss those risks, as well as the returns, and how to succeed in the growing memory care market.
