Texas among states with big gains in senior housing inventory
When it comes to senior living, Texas is hopping — or at least parts of it are.
Three Texas metropolitan areas are among 11 U.S. markets that have experienced gains in seniors housing inventory of more than 10% in 2017 relative to existing inventory in that market, according to National Investment Center for Seniors Housing & Care Chief Economist Beth Mace.
The Texas metro areas on the list include Austin, El Paso and San Antonio, Mace shared in a blog posting about key messages from NIC's third quarter seniors housing data release. Additionally, Dallas, not on the list of 11 markets, has accounted for 7% of all new seniors housing inventory in the past 12 months, Mace wrote.
Other markets that have seen gains of more than 10% over the course of the year, she said, include Baton Rouge and New Orleans in Louisiana; Charleston and Greenville in South Carolina; Ogden and Salt Lake City in Utah; Albuquerque, NM; and Jacksonville, FL.
“In total, more than 38,000 units were added to the stock of seniors housing inventory among the primary and secondary markets in the past year,” Mace wrote in her blog post.
The seniors housing annual inventory growth rate in the third quarter of this year was 4.1%, NIC said earlier this month. That rate was down 0.1 percentage point from the second quarter, when it had reached its fastest pace since NIC began reporting the data in 2006, the organization said.