Andrew Robins, Hospitality Sector Team Co-Chair, spoke to Senior Housing News about the impact the COVID-19 pandemic is having on the senior housing industry. New senior housing communities that opened in the weeks that the virus made headlines in the U.S. are now dealing with partially empty buildings, residents in lockdown, increased spending on supplies, and longer lease timetables. Lockdowns that continue for weeks or even months will apply greater pressures on budgets. Robins told the publication that slower lease timetables will have consequences on operations for new communities.
“[Operators need to] consider the impact on labor costs, health insurance, routine and non-routine operating supplies and equipment, new insurance requirements applicable to pandemics, and financing costs and reserve requirements.”