Almost one-third of the 35,000 units of seniors housing units added in primary and secondary markets over the past year have been built in seven metropolitan markets, National Investment Center for Seniors Housing & Care Chief Economist Beth Mace writes in a new blog post.
Those markets, alphabetically, were Atlanta, Boston, Chicago, Dallas, Houston, Miami and Minneapolis. “Dallas and Minneapolis alone accounted for 12% of all new seniors housing inventory in the past 12 months,” Mace said.
Seven markets experienced gains in inventory of more than 10% over the course of the year relative to their market’s own inventory, she said. Those markets were Albuquerque, NM; Austin, TX; El Paso, TX; Jacksonville, FL; Melbourne, FL; New Orleans; and Salt Lake City.
Mace wrote about inventory as one of five takeaways from the second-quarter data release of the NIC MAP Data Service. NIC found that occupancy rates for assisted living communities reached their lowest point in eight years in the second quarter, driven down by inventory growth that outpaced healthy absorption rates.
Read Mace’s other points here.