By Rebecca Wiessmann
In this episode of Foresight TV, Steve sits down with David Schless, president and CEO of the American Seniors Housing Association, for a wide-ranging conversation about where senior living is today — and where it needs to go next. You can watch the full conversation HERE.
David has spent his entire professional career in senior living. He helped start ASHA in 1991, back when senior housing was still emerging as a distinct industry. Thirty-five years later, he has seen the sector through growth cycles, downturns, COVID, capital freezes, labor shocks, and the steady march of demographic change.
His view of the industry today is both optimistic and cautious.
On the optimistic side, senior living has momentum again. Occupancy has recovered. Capital markets are showing renewed interest. The demographic case is obvious. Older adults are living longer, families need support, and the best communities are proving every day that senior living can create a better life.
But David also acknowledges what many operators feel: Even in a strong moment, there is still a sense of nervousness.
That nervousness is not irrational. The industry lost a development cycle during COVID. Construction costs remain difficult. Labor remains a serious constraint. New projects have to pencil out in an environment where capital, land, labor, and operating costs are all more expensive than they used to be.
And then there is the biggest issue of all: senior living cannot simply build only for the very wealthy.
The Labor Crisis Is Not Going Away
Steve raises one of the most important questions in senior living: How much of the labor crisis is truly a labor shortage, and how much of it is a workplace culture problem?
There are operators, Steve notes, that are not struggling in the same way. Some organizations have built cultures where people want to work. They have more applicants, lower turnover, and stronger teams because they have made the employee experience a strategic priority.
David agrees. He says the industry is increasingly aware that reducing turnover, creating growth opportunities, mentoring team members, and building better workplaces are not nice extras. They are central to successful operations.
ASHA has begun capturing employee turnover data in its State of Seniors Housing research, and early data shows turnover improving between 2023 and 2024. That matters. It suggests operators are paying attention.
But David also believes culture alone will not solve the problem.
He sees the workforce as a structural crisis that will require policy solutions, especially around immigration. ASHA has been advocating for a new visa category designed for essential workers in senior living and related care settings. Existing visa programs work better for industries like agriculture and hospitality, but senior living needs a pathway for caregivers and other frontline workers.
David is clear that this is complicated politically. It is not simply a Republican problem or a Democrat problem. Both parties understand the workforce pressure, but immigration remains difficult terrain.
Still, he believes operators need to keep talking to elected officials. Senior living, skilled nursing, home care, and hospitals are all facing the same demographic reality. Without more workers, the system does not work.
Affordability Is the Problem No One Can Ignore
Steve brings the conversation home by sharing his experience as a caregiver for his stepfather, who lives in senior living. His stepfather has the resources to pay for what he needs. But Steve says the experience makes him think about families who do not.
If the cost of care is out of reach, the alternative is often family caregiving at home. And for many families, that is overwhelming.
David says senior living’s affordability challenge is part of a broader housing affordability crisis in the United States. More housing is needed across the board: single-family, multifamily, independent living, assisted living, and everything in between.
But building more senior housing is harder than it used to be. Development costs are high. Labor is tight. Interest rates may have improved somewhat, but the savings can easily be offset by construction and workforce challenges.
David believes there are policy changes that could make development easier and less expensive. But for lower-income older adults, he says the bigger solution likely requires some level of subsidy.
That is not an easy answer in a federal budget environment already strained by Social Security, Medicare, and Medicaid. But it may be unavoidable.
He also sees promise in models that combine senior living with services such as PACE, adult day programs, and home care. These hybrid approaches may help create more affordable ways to support older adults who need more than housing but cannot afford traditional private-pay senior living.
Better Buildings Are Part of the Story
For all the challenges, David is encouraged by how much the product has improved.
He says many newer senior living communities now feel like the best of multifamily housing and hospitality combined with care and services. They are more residential, more contemporary, and more appealing than what the industry built 30 years ago.
Steve agrees. He talks about visiting newer communities in Southern California that look much more like “life before senior living.” One had a full-service bar that opens at noon — not because it is trying to be flashy, but because it feels normal.
That matters.
For too long, senior living has been seen as a place people go when they have to. The future belongs to communities people choose because they want the lifestyle, connection, support, and ease.
What Happens After the Baby Boom?
Steve closes with a provocative question: What happens after the baby boomer wave?
For years, the industry has talked about the demographic surge coming its way. But eventually, that wave crests. What happens to all the senior living buildings after that?
David believes there will continue to be demand for senior housing. Some older properties may be repositioned to serve less affluent older adults. Some may be repurposed. And some specialized settings may change dramatically with advances in medicine.
Memory care is one example. David, who has long been involved with the Alzheimer’s Association, believes viable treatments for Alzheimer’s and other dementias are on the horizon. If that happens, the industry may need to rethink some standalone memory care settings.
That is not bad news. It is a reminder that senior living must keep adapting.
A Moment Full of Possibility
The conversation ends with Steve reflecting on how exciting this moment is for senior living. There are real problems: labor, affordability, development costs, public perception, and policy barriers.
But there is also more creativity, more passion, and more willingness to rethink the model than ever before.
Senior living is at a crossroads.
That sounds scary.
But it may also be exactly where the industry needs to be.
