The Australian retirement village industry is a dynamic and rapidly evolving sector. As we move into 2024, there are several key trends that retirement village managers should be aware of to ensure they are providing the best possible service to their residents. Here’s a look at what’s on the horizon.

1. Expansion and Growth

The demand for senior housing is growing, and retirement village operators are looking to expand their operations to meet this demand. For example, one of Australia’s largest retirement village operators is targeting another 7,000 homes. This trend towards expansion and growth presents both opportunities and challenges for retirement village managers.

Growth and expansion within the retirement village sector in 2024 is driven by several factors:

• Increased Demand: The dramatic increase in Australians over 65 is driving demand. This demand is not only for increased availability but also for a substantial increase in diversity, both in terms of housing types as well as community, lifestyle, and wellness offerings.
• Diversity in Location: There’s a lot more diversity in location. An increase in urban locations and vertical living is observed in conjunction with the existing suburban and rural models.
• Housing for Life: There is an increase in designing ‘apartments and housing for life’, into which any level of care can be received.
• Increased Units: One Australian retirement living business, is looking to grow to 20,000 units. They are looking for new land parcels to add to their development pipeline to continue to develop new retirement villages.

These trends indicate a significant expansion and growth in the retirement village sector, catering to the diverse needs and preferences of the aging population.

2. Rise of Land Lease Communities

Land lease communities are gaining popularity. They offer a more consistent revenue stream than traditional retirement villages, and many customers are comparing both options before deciding. As a retirement village manager, understanding the benefits and drawbacks of land lease communities will be crucial in 2024.

Here are some key points:

• Growing Demand: Land lease communities are becoming increasingly attractive to downsizers, offering affordability, community, and lifestyle benefits. They are the fastest-growing seniors housing option.
• Financial Benefits: There are significant financial benefits that come with the idea of owning your house at an accessible price point, while long-term leasing the land on which it sits.
• Expansion Plans: Australia’s second largest retirement village operator is targeting another 7,000 homes as it looks to capitalise on the challenges facing the residential building sector and growing demand for seniors’ housing – including the potential to expand into land lease communities.
• Consistent Revenue Stream: Land lease communities deliver a more consistent revenue stream than traditional retirement villages which depend on resident turnover.
• Customer Preference: Many customers are comparing both retirement living and land lease before deciding which product to buy into.

3. Centralized Control and Scalability

This trend refers to the ability of retirement villages to efficiently manage and scale their operations, services, and facilities to meet the diverse and evolving needs of their residents. It’s about creating a flexible and responsive environment that enhances the quality of life for residents in retirement villages. It’s about ensuring that as resident needs and numbers change, the retirement village can adapt and grow in a way that continues to provide a high level of service and care.

Centralized Control refers to the consolidation of management and decision-making processes within the retirement village. This allows for more efficient operation, better coordination of services, and improved response to resident needs. For example, retirement villages can offer tailored fitness programs, access to onsite wellness facilities, and a community-driven ethos promoting active lifestyles. They can also organize group excursions, allowing residents to explore new destinations together.

Retirement village software that manages multiple sites offers unified management. This allows for the setup and customization of each village to match its specific needs. Scalability is also a key factor, with software needing to grow with the organization. As a manager, being familiar with these technologies can greatly enhance your efficiency and effectiveness.

Scalability refers to the ability of retirement villages to expand and adapt their services to accommodate a growing number of residents or to meet changing resident needs. This includes offering a variety of tenure options to cater to diverse populations of older adults. For instance, retirement villages can provide a range of services and facilities that increase the affordability of their dwellings.

4. Navigating the Changing Landscape

The retirement industry is constantly changing, and managers need to stay updated on these changes. Conferences like the National Retirement Living Summit is one event that provides insights into the changing landscape of the retirement industry. Staying informed and adaptable is key to success in this dynamic field.

Here are some tips for retirement village managers to navigate the changing landscape in 2024:

• Understanding the Needs of Retired Individuals: Retirement is a significant life transition, and it is crucial for managers to understand the unique needs and desires of retired individuals. Managers can gain a deep understanding of residents’ needs by conducting surveys, holding resident meetings, and engaging in one-on-one conversations.
• Creating a Welcoming and Inclusive Community: Managers can foster a welcoming environment by organizing social activities and events that encourage interaction and friendship among residents. Regular community gatherings, such as potluck dinners or game nights, can help residents come together and socialize.
• Open and Transparent Communication: The best way to cultivate a safe, comfortable, and happy community is to remain open and transparent at all times. Everything should be done in consultation with the residents, as they should be the decision-making authority.
• Comprehensive Training: A village manager needs to be trained in everything from fire safety and evacuation procedures to occupational health and safety, privacy laws, food handling, first aid, and the retirement village act in their state.
• Day-to-Day Operations: A retirement village manager controls the day-to-day operations of a retirement village. They provide a range of accommodation, personal care services, and social activities for the use and enjoyment of residents. Village managers also run budgets and organize the sale of village homes.

In conclusion, 2024 promises to be an exciting year for retirement village managers. By staying informed about these trends and adapting accordingly, managers can ensure they are providing the best possible service to their residents.