Every now and then I get a chance to speak to members of the media about the good things we are doing here at UMRC—like recently, when we were featured in Crains Detroit Business for our $2.5 million facilities expansion grant from the Edward N. and Della L. Thome Memorial Foundation.
Other times, I am able to help use the knowledge I’ve gained through my work to shed light on larger trends within the senior housing sector. One such opportunity popped up recently, when I spoke with an industry leader about effective strategies for managing growth.
With more than 76 million baby boomers making their post-retirement life choices in the next five years, the demand for quality living options is about to go through the roof. In fact, experts say just to keep up with that level of demand as we move forward, we need to increase our inventory by at least 47 percent.
And to do that, analysts say, billions of dollars in additional investment will be required.
This is a huge issue for the senior housing industry—and one UMRC has been considering and discussing for some time. In fact, it was our leadership in this area that led to the media call. UMRC already has made some forays into the establishment of new partnerships, because we are keenly aware that no single entity can manage this type of demand on its own.
If UMRC and similar organizations are to keep pace with the senior housing marketplace, we all must be creative in seeking solutions that allow Michigan’s older adults to achieve their lifestyle objectives. Today’s seniors are looking for dynamic, active accommodations and a robust menu of care choices capable of meeting their evolving needs—and that is no small order.
Given these market demands, the need for thoughtful innovation and growth is paramount. Organizations like UMRC need to find solid solutions for expanding services while protecting quality. In some instances, the best option for meeting the needs of Michigan’s older adults may come through collaborative partnerships with other like-minded providers.
UMRC and its peers in the senior housing sector are watching these issues closely, and remain vigilant when it comes to finding opportunities to build quality and manage costs. Right now, ours is a marketplace that’s changing as never before—and UMRC will ensure we are poised to add continuing value to the people we serve every day.