As the plummeting real estate market continues to hit families hard, costs for senior housing are still expected to rise. This is according to to a September 23, 2009 article in National Real Estate Investor, a professional trade publication for commercial real estate investment. The article states that rents are still on the rise even though vacancies are also rising. How could that be? The thought is that since new construction of senior housing continues to decline, demand will increase for available units.
The article states that the average monthly rents in 2009 for senior housing in the top 31 markets are as follows:
- Independent Living Housing: $2,645.00 per month compared to $2,572.00 per month in 2008
- Assisted Living Housing: $3,500.00 per month compared to $3,419.00 per month in 2008
- Nursing Care Homes: $7,712.00 per month compared to $7,493.00 per month in 2008
Although rents are up, the owners of these facilities are giving some concessions to attract new residents, though they are not typically in the monthly rent. They are more short-term, like waiving a one-time move-in fee.
So, the experts are predicting that assisted living housing will show growing demand over the next three to four years, since the population is aging and there will be little new construction due to the economy. Well, if you’re as shocked as I am about the cost of renting in these types of places, or as your necessity to keep your loved one home due to job loss or income decline increases, know that a medical alert monitoring system can provide some affordable relief.
By no means is a medical alert system a replacement for proper supervised care for your loved one, but in the right circumstance, it may be just the “tool” that you need. If your mom or dad is alert and able to move about freely, maybe you just need a way for them to call for help in case they fall, start a small kitchen fire while cooking breakfast, or have a real medical emergency.
You may also have that stubborn parent that continues to think they are still 50 years old and can do almost anything around the house. You may catch them on a ladder trying to clean the gutters or trimming branches on a tree. If that sounds like your parent, don’t think they’re going to slow-down just because they are living in your house. They probably feel obligated to do some chores just so they feel useful.
You’d probably feel much better leaving your mom or dad at home, while you’re at work, knowing that help is easily accessible to them. If your plan was to have your mom or dad attended full-time in senior housing, but find the current economics limiting your options, consider the affordable benefits that a medical alert monitoring system can provide.