According to the Administration for Community Living, about 16 percent of the population is over 65. That’s expected to grow to 21.6 percent by 2040. The population of people 85 and over is projected to increase by 118 percent by 2040 to 14.4 million. As the senior population grows, so may the need for senior housing. Either more senior housing will need to be built or waiting lists will get longer.
For many seniors, the list is already long. It can take months or even years to get into a senior living facility if you need subsidized housing or Section 8. If you don't need subsidized housing, you'll find much shorter wait lists or no waiting at all.
Once You're on a Waiting List
You’ve applied for senior housing and your name is on a waiting list. Now what?
For subsidized senior housing, the local housing authority should be able to tell you when an apartment will be available. Other senior housing communities and programs may be able to give you an estimate. However, they may not be required to contact you until your name reaches the top of the list. It’s in your best interest to keep in contact.
Once your name gets closer to the top of the list, the senior community or housing agency may do background, credit, and reference checks. The same may go for those living with you. Periodically, you may be contacted by the property manager or housing agency about your interest in staying on the waiting list. If you do not respond by their deadline, you could be removed.
Low-Income Senior Housing Waiting Lists
As noted earlier, waiting lists and procedures may differ between low-income senior housing and market-rate senior housing. For instance, the U.S. Department of Housing and Urban Development has its own requirements when it comes to filing applications and selecting prospective tenants from waiting lists. These include:
- Low-income senior facilities must have a Tenant Selection Plan for accepting pre-applications and applications.
- This plan should outline any ranking, rating, or combination of the two that will determine how applicants are chosen from the list.
- For Section 8 senior communities, the procedures used to select “income-targeted” requirements must also be outlined. This includes when and how applicants are skipped to make room for an extremely low-income household.
Seniors putting their names on these waiting lists are expected to include income and household information, as well as the circumstances for needing this type of housing. Unlike other kinds of senior housing, a deposit is not required.
As a reminder, waiting lists can open or close at any time.
Market-Rate Occupancy and Waiting Lists
Compared with low-income housing, where waiting lists are more likely, market-rate senior housing properties generally have more openings. Market-rate properties are communities where, unlike many low-income properties, rents are not subsidized or adjusted based on your income.
In 2022, the senior living occupancy rate increased less than a percentage point to about 83 percent, but that’s an increase of 5.2 percent from the pandemic low of 77.8 percent, according to the National Investment Center for Seniors Housing and Care.
The good news overall is, since they are trying to accommodate retiring baby boomers, senior housing companies are building more communities. In 2021, about 22,000 senior housing living units were built.
So, for many future residents, senior housing waiting lists might not be a concern.
