Welcome to Haddock & Associates Inc.
Assisted Living Development – While assisted living is our specialty, we often work with a mix of services including Independent Senior Living and often include dementia components. There are a number of critical steps to go through in the process of creating a viable operating senior housing community. Our job is to guide you through that process successfully. We have seen all kinds of markets in our years of experience, but step #1 to moving forward in all of them is the Market Analysis.
Market Analysis – All steps in the process are subservient to The Market Study which is an in-depth analysis of the age 75 plus market. We analyze the market and develop a written report. Our clientele base for market studies covers many states from coast to coast. An Assisted Living Market Study always includes a personal visit to each site locality as we need to speak to the merits of that location and its suitability as relating to the market to be served. We will be pleased to provide you with a summary of our location experience, references and a price quote. Call us, we would be glad to hear from you.
Senior Housing Market Analysis beginswith determining the extent, geographically, of what we deem to be the Primary Market Area. This is the area which is the natural drawing area within the market influence of the selected site that we would normally expect to produce 70%-85% of the residents. The balance of 15%-30% (depending on the local market) will come from further distances and/or be elderly parents, living elsewhere, of local residents. The PMA is not necessarily a certain prescribed radius around a proposed site. Often, geographic boundaries and social or financial aspects may more nearly define the PMA. Whether the site is urban or small town in nature and the particular target-market sought, also are great considerations. How we define the market has great bearing on the validity of the final conclusions.
Market Demographics need to be precise and are next determined by our up-to-date mapping and demographic data, which is all in-house, and we can analyze data from any size or configuration of market boundaries. We calculate the age, income, and marital status of those people within the PMA and the trends of growth. We have developed our methods of analysis along industry standard lines and take great pride in being both accurate and conservative.
Senior housing market research for assisted living effectively evaluates the comparable competition within the PMA. In any full market study we must know our competition and we come on-site and do interviews. How old are the existing facilities? How many units? Are they going to expand? What are the room sizes and the amenities offered. What are the rental/fee rates? How long did it take them to fill up? How many vacancies do they have? What facilities/projects are in the planning stages? Where will they be built and when are they expected to open? What will they be offering? How will they impact the market? Etc. The competition has to be recognized for their claim on the available qualified potential residents.
Market Analysis for Alzheimer’s Markets are calculated with different demographics than normal assisted living but in many localities there is a higher demand for housing for this market. Let us point out some types of “models of care” for this segment of the senior housing market that are being quite successful. Perhaps this is an area you would like us to analyze for you.
Developing conclusions utilizing the demographic data along with the competition survey, we can determine the number of units the market can support at the proposed location. We calculate penetration and saturation rates and conclude and recommend suggested opening rent rates, size and mix of units including an estimate of the projected fill-up (absorption) rate. We can then conclude the square footage of the living areas and the suggested common areas to arrive at a total building size that would fit into this market place and be supported by the demand.
About The Assisted Living Market Report
In any report of this type, facts and figures do not tell the whole story but ultimately give support to the expert opinion of the surveyor. We will lead you step by step through the process. Senior housing markets and consulting is our only focus. In our reports we do not try to write a compendium of the history of the state you live in or include endless tables that no one looks at. Our reports are thorough, vital and to the point, and cover what a lender wants to know. The report is lender-ready and forms part of the loan application package. In it, you have the bottom line. . . . .our opinion. Our rates are competitive. We welcome calls and emails.
The Importance of the Market Study
All the financial documents in the process are based on the Market Study, so it’s important that it is done properly. HUD has exacting standards in place to ensure comprehension and validity to the process. Funds are available, right now, in 2010. To see how the HUD program would best function with your project, please give us a call.
