More than one-third of all continuing care retirement community unit construction was taking place in five markets as of the fourth quarter of 2017, according to Lana Peck, senior principal of the National Investment Center for Seniors Housing & Care.
Those five markets, Peck wrote in a Wednesday post on the NIC website, were Philadelphia (785 units); Kansas City, MO (706); Los Angeles (633); Dallas (587); and New York City (566).
The greatest percentage of CCRC units under construction as a share of inventory were in Knoxville, TN (44%); Memphis, TN (23%); Riverside, CA (18%); and Hartford, CT (13%), she added.
In more than half of the primary and secondary markets (51 of 99) tracked by NIC, no CCRC units were being built, Peck said.
CCRC construction activity is subdued relative to construction of other types of seniors housing, she wrote; about 2.6% of existing inventory is under construction.
CCRC occupancy at the end of 2017 was 91.1%, with not-for-profits leading for-profits. Also, entrance-fee communities continue to outperform rental communities as far as occupancy, Peck said.
Read Peck’s entire post here.