Vintage Home and Residential Care falls under several industry classifications within the Homes for the Elderly Sector. This sector comprises of establishments primarily engaged in providing residential and personal care services for (1) the elderly or other persons who are unable to fully care for themselves and/or (2) the elderly or other persons who do not desire to live independently. The three industry classifications that pertain to Vintage are:
- Community Care Facilities for the Elderly (corresponding NAICS code 623312);
- Continuing Care Retirement Communities (corresponding NAICS code 623311); and
- Nursing Care Facilities (corresponding NAICS code 623310).
In total, the assisted living industry brought in revenues of $36.8 billion in 2009.
The demographic trends indicate that assisted living facilities have been growing and will continue to grow as an aging population, declining sizes of families, and demand for new and unique medical services and assistance are on the rise. The assisted living facility industry was hit by the economic recession, however, the industry still saw positive growth at 1% between 2008 and 2009. While the growth rate slowed significantly as compared to previous years, the positive growth demonstrates that this industry is somewhat recession proof as compared to most industries that experienced negative growth rates during the same period. Furthermore, the future of the assisted living facility industry looks bright as the senior population is expected to grow at 26% through 2040.
|Total Revenue (2009)
|An assisted living company focused on providing high quality service and care at an affordable price for people needing extra help with the activities of daily living.
|Sunrise Senior Living
|To champion quality of life for seniors in a home-like, resident-centered environment, unlikeexisting, more institutional options.
|Brookdale Senior Living
|Brookdale Senior Living communities provide active retirement living for thousands of residents, serving seniors and their families since 1978.
|Five Star Quality Care
|Five Star Quality Care, Inc. is a national healthcare and senior living services provider. Five Star has three major operating divisions: Five Star Senior Living, Five Star Rehabilitation Services, and Five Star Pharmacy Services.
|Assisted Living Concepts
|Assisted Living Concepts, Inc. (ALC) and its subsidiaries operate more than 200 communities which include licensed assisted living and senior living residences with capacity for over 9,000 older adults in 20 states in the United States.
|Merrill Gardens is committed to providing an alternative to traditional retirement housing. Merrill Gardens has grown from eight employees to over 2,600 and currently owns and operates 56 communities in 10 states.
|HCR ManorCare is a leading provider of short- and long-term medical and rehabilitation care. Care is provided through a nationwide network of skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies.
|One Eighty-Leisure Care
|Leisure Care Management Services include community management and operations, community development, and general consulting services. They operate over 40 communities and nearly 7,000 units in the United States, Canada, India, and Mexico.
|Benchmark Assisted Living
|Benchmark Senior Living, based centrally out of Wellesley, Massachusetts, is the largest provider of Senior housing in the New England region.
|Hearthstone Senior Services
|Hearthstone offers Assisted Living, Alzheimers and dementia care Hospice Short-term stays to senior citizens.
There are a few national level associations promoting business and operational excellence in assisted living communities while offering information at one place to the senior citizens. Some of these associations are:
- Assisted Living Federation of America
- Elder care
- National Center for Assisted Living
- American Association of Homes and Services for the Aging
- The Florida Assisted Living Association
- California Assisted Living Association
- National Investment Center for the Seniors Housing & Care Industry
Industry Trends & Growth
About 1.5 million Americans live in assisted living facilities. That number is expected to double by 2030. According to the U.S. Census Bureau, the number of people in the United States between the ages of 65 and 84 will increase by almost 40% between 2010 and 2020.
As of 2006, retirement community residents were 69% female and 31% male, with the typical resident in an assisted living facility being an 85 year old female. People over 85 years old make up the largest percentage of people in assisted living facilities.
With Baby Boomers representing more than 70% of all of the financial assets in the United States, they are the main target market of this industry. Many communities try to create a home like environment rather than giving them a feeling that they are in the institutions. With this in mind amenities being offered in the future may be more upscale like commercial kitchens, beauty salons, spas, indoor pools and pet friendly communities.