16 Largest Senior Living Companies in the USA in 2024

Published on August 30, 2024 at 7:03 pm by Ghazal Ahmed in News, Retirement

This article looks at the 16 largest senior living companies in the USA in 2024. If you wish to skip our detailed analysis of the evolving landscape of senior living, you can jump to the 5 Largest Senior Living Companies in the USA in 2024.

Navigating the Evolving Landscape of Senior Living

Over the years, senior living has evolved to include more than just caregiving, integrating wellness into its overall approach and offering a holistic environment that prioritizes both physical and mental well-being. The trend of aging in place has also been gaining significant momentum, while societal inclinations towards sustainability and environmental consciousness has further been adding to the complex landscape of challenges and opportunities for the senior living industry.

According to an Argentum 2024 report, a promising development across senior living communities in the USA has been “the continued rebound in occupancy rates”. The National Investment Center for Seniors Housing & Care (NIC) reveals that the average senior living occupancy in primary markets rose to 85.1% in Q4 2023. This is just 2.7 percentage points below pre-pandemic levels. The aging baby boomer generation is primarily driving this demand as it continues to swell in terms of population.

No wonder the senior living market in the US is huge. Mordor Intelligence estimates its market size to be $112.93 billion in 2024, growing at a CAGR of 5.86% during the forecast period of 2024-2029. While an increasing elderly population and the consequent increase in occupancy rates is surely a positive sign, the industry continues to grapple with workforce challenges. Labor shortages, in particular, have been negatively impacting this industry for quite some time.

“Inflation has caused soaring labor costs, in addition to other expenses, and made it difficult for assisted living providers to compete for caregivers. As a result, assisted living communities have been forced to use more contract nurses and staffing agencies, many of which are charging two or three times more than they charged prior to the pandemic”.

-National Center for Assisted Living Executive Director LaShuan Bethea

As inflation continues to rise, its impact on seniors will become increasingly significant. In a study conducted for the Housing for America’s Older Adults 2023 report and prepared by the Joint Center for Housing Studies of Harvard University, it was revealed that only 13% of adults aged 75 and older living alone in 97 U.S. metro areas can afford to move into an assisted living community without dipping into their assets. These are some of the many challenges that both the senior living industry and seniors of today face.

One company navigating these challenges effectively is Welltower Inc. (NYSE:WELL), a Toledo, OH-based real estate investment trust (REIT). Welltower has strategically focused its leasing efforts on lower-needs assisted living residents across its communities. Chief Operating Officer John Burkart explained that by simplifying the care and service levels for residents and their families, Welltower has been able to attract more lower-needs residents.

“While a lower-acuity resident pays less than a higher-acuity resident for the same room, they also consume far fewer human resources and tend to stay longer. This creates a healthier rent roll over a longer period of time, leading to higher NOI.” This strategy has paid off, with Welltower seeing substantial increases in lower-needs resident occupancy during the summer leasing season.

-Chief Operating Officer John Burkart

CEO Shankh Mitra is equally optimistic about the future, sharing the fundamentals that could dramatically improve in 2025 and beyond. With senior living demand remaining strong, a diminishing supply of new facilities, favorable economic conditions driving margin expansion, and a rapidly growing older population, Mitra believes the stage is set for multi-year occupancy gains for Welltower. Welltower Inc. (NYSE:WELL) was recently featured on our list of Best Real Estate and Realty Stocks To Buy According to Hedge Funds. Even Baron Real Estate Fund highlighted stocks like Welltower Inc. (NYSE:WELL), in the second quarter 2024 investor letter.

Baron Real Estate Fund stated the following regarding Welltower Inc. (NYSE:WELL) in its Q2 2024 investor letter:

“The shares of Welltower Inc. (NYSE:WELL) continued to perform well in the second quarter. Share price appreciation was driven by continued strong cash flow growth in its senior housing portfolio driven by strong occupancy and rent growth, solid execution on its highly accretive proprietarily sourced capital deployment opportunities, and an improved full-year growth outlook”.

While we acknowledge the potential of WELL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WELL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

VGstockstudio/Shutterstock.com

Methodology

To compile the list of the 16 largest senior living companies in the USA in 2024, we have used statistics from Argentum’s 2024 150 largest providers report. Senior living companies have been ranked based on their total units, with the company with the highest units being the largest senior living company in the USA in 2024. The statistics presented in the subheadings are quoted from the Argentum 2024 report. Please note that these figures may not fully reflect the most current data and are subject to change.

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Here are the 16 largest senior living companies in the USA in 2024:

16. Merrill Gardens

Total Units: 8,225

Total Employees: 3,845

U.S. Communities: 66

One of the largest senior living companies in the USA in 2024 is Merrill Gardens. This privately owned senior living company has a total of 8,225 units and 66 properties as of 2024. The senior living provider caters to residents with varying needs through its independent living, assisted living, and memory care options. Being a family business, Merrill Gardens emphasizes on a resident-centered approach for its customers, allowing them to enjoy a vibrant atmosphere without compromising on comfort and security.

15. Frontier Management

Total Units: 9,147

Total Employees: 5,843

U.S. Communities: 120

Frontier Management LLC is a senior living management company offering retirement living, assisted living, and memory care. Boasting more than 120 senior living and memory care properties across the country, the company is strongly dedicated to creating a comfortable, supportive, and engaging environment for its residents. It has over 9,000 units and an employee headcount of 5,843 as of 2024.

14. Ebenezer

Total Units: 9,722

Total Employees: 4,785

One of Minnesota’s largest senior living organizations, Ebenezer Senior Living has been serving older adults for over 100 years. Ebenezer, meaning stone of health, was established in 1917 by Minneapolis Lutherans to provide community-centered care for homeless older adults and others in need. Currently, it has over 9,700 units and an employee headcount of approximately 4,785.

13. Oakmont Management

Total Units: 9,899

Total Employees: 8,079

U.S. Communities: 87

Oakmont Management is a California-based leader in the senior living industry managing different communities under the Oakmont Senior Living and Ivy Living brands. It is one of the largest senior living companies in the US in 2024. The senior living company offers exceptional memory care and assisted living services to more than 8,000 seniors across its 87 properties. Oakmont strives to deliver a safe and nurturing environment for those with cognitive impairments, ensuring that they are given the care that they deserve.

12. Pacifica Senior Living

Total Units: 10,664

Pacifica Senior Living positions itself as a luxury senior living company offering services across its nearly 100 locations. Established in 1978, the company has earned itself several awards that serve as a testament to its quality of care and commitment towards residents. Communities at Pacifica offer a variety of amenities for seniors, including restaurant-style dining, social and recreational activities, fitness centers, and much more.

11. Watermark Retirement Communities

Total Units: 11,324

Total Employees: 7,000

U.S. Communities: 70

Founded in 1987, Watermark Retirement Communities lands in 11th place on our list of largest senior living companies in the USA in 2024. Founded in 1985, communities at Watermark aim to encourage and assist seniors in spending their days doing what they please. It has redesigned the concept of senior living by focusing on aspects such as holistic well-being, lifelong learning, and preservation of distinct lifestyles. The living options that its various communities offer include active adult living, independent living, assisted living, memory care, skilled nursing, and short-term stays.

10. StoryPoint Group

Total Units: 11,443

Total Employees: 10,180

U.S. Communities: 121

With an estimated 11,443 units and 121 properties across the USA, StoryPoint Group is another one of the largest senior living companies in the USA in 2024. The company places a strong focus on providing personalized care and creating engaging, comfortable environments for seniors. Its communities across the Midwest offer a range of senior living options, including independent living, enhanced living, assisted living, and memory care.

9. Senior Lifestyle

Total Units: 12,512

Total Employees: 7,409

U.S. Communities: 117

Another well-established senior living company, Senior Lifestyle helps residents create fulfilling lifestyles by means of promoting a culture of wellness, health, and connection. The different lifestyle options provided by the company include Independent Living, Assisted Living, Memory Care, Skilled Nursing, Short-term care, and affordable housing. According to the Argentum report, there are more than 12,500 units of Senior Lifestyle and an estimated 117 properties.

8. Retirement Housing Foundation

Total Units: 12,762

Total Employees: 833

U.S. Communities: 188

A non-profit organization, Retirement Housing Foundation offers affordable housing and services to more than 19,000 low-income families, older adults, and persons with disabilities. The Foundation operates an estimated 200 communities across the United States, offering affordable housing and affordable assisted living facilities. At RHF, the team works to ensure that quality housing and services are accessible to those in need, regardless of their financial circumstances.

7. AlerisLife/Five Star Senior Living

Total Units: 19,715

Total Employees: 11,067

U.S. Communities: 139

Previously known as Five Star Senior Living, AlerisLife offers a broad spectrum of senior living services through its 139 properties. The company rebranded itself in the year 2022, reflecting a growing focus on enhanced lifestyle services that grow beyond traditional senior living. Seniors of all interests and abilities get to live in a warm, thriving environment offering innovative, evidence-based approaches to health and wellness.

6. Sunrise Senior Living

Total Units: 20,527

Total Employees: 16,900

U.S. Communities: 220

Next on our list of largest senior living companies in the USA in 2024 is Sunrise Senior Living. Established in 1981 by Paul and Terry Klaassen, the company boasts 20,527 units and 220 properties. Inspired by a Dutch model based on nurturing care environments, Sunrise offers a holistic, resident-centered approach that focuses on individuality and making meaningful connections. The senior living options that they provide include independent living, assisted living, memory care, skilled nursing, and hospice coordination.

5. Erickson Senior Living

Total Units: 24,326

Total Employees: 16,110

U.S. Communities: 21

Erickson Senior Living is the owner, manager, and developer of retirement communities in the USA. The senior living company offers independent and continuing care communities across the country. Beautiful, amenity-rich campus-style communities feature different clubhouse spaces and stylish apartment homes. With over 39 years of experience, Erickson Senior Living now boasts 23 properties (and growing), serving over 28,000 residents across 11 states. These communities are designed to offer seniors an active lifestyle, complete with amenities such as restaurants, cultural activities, and fitness centers.

4. Discovery Senior Living

Total Units: 30,355

Total Employees: 16,640

U.S. Communities: 302

Being one of the largest senior living companies in the USA, Discovery Senior Living strives to deliver exceptional senior living services at an exceptional value. From restaurant-style dining to amenities such as beauty salons and fitness centers, seniors don’t have a boring day in their lives here. Founded in 1991, it offers a wide range of senior living options such as independent living, personal care, assisted living, memory care, skilled nursing, and respite care. The company focuses on personalized care, offering services that are tailored to meet the individual needs of its residents.

3. LCS

Total Units: 32,710

Total Employees: 26,725

U.S. Communities: 142

Life Care Services is the third-largest senior living operator in the USA. Founded in 1971, LCS boasts over 32,000 units and 142 properties across the country. Its award-winning services are a testament to its commitment to deliver high-quality care and creating vibrant, resident-centered communities. Offering a resident-first mindset, LCS promises exclusive signature experiences that strive to provide residents with the tools and services they need to remain safe and healthy.

2. Atria Senior Living

Total Units: 38,007

Total Employees: 13,191

U.S. Communities: 309

Serving over 21,000 residents, Atria Senior Living strives to provide residents with a vibrant atmosphere where they can lead active, healthy lives. From chef-prepared meals to engaging events and opportunities for meaningful connections, Atria offers an innovative approach to senior care. Independent living, assisted living, memory care, and short-term stays are the different living options that the senior living company provides. Its Engage Life program includes instructor-led classes, themed soirees, symphony trips, and much more. All-inclusive amenities and a dedicated 24-hour staff mean seniors can live a stress-free life here at Atria.

1. Brookdale Senior Living Inc. (NYSE:BKD)

Total Units: 54,328

Total Employees: 36,000

U.S. Communities: 652

The largest senior living company in the USA in 2024 is Brookdale Senior Living Inc. (NYSE:BKD). Established in 1978, Brookdale Senior Living Inc. (NYSE:BKD) offers a wide range of senior living, retirement communities, and senior care options. According to Brookdale’s official website, they have over 640 senior living communities catering to over 60,000 residents across 41 states. Its robust health and wellness programs, engaging social activities, and focus on enhancing resident’s quality of life make it a respected senior living company in the country. Its extensive network further allows it to play a significant role in senior living , helping it to cater to a diverse population of seniors.

Disclosure: None. This article was originally published on Insider Monkey.

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