The top concern for seniors housing investors remains increased property-level operating and development costs, according to the latest “U.S. Seniors Housing & Care Investor Survey and Trends Report,” released Monday by CBRE.

Thirty-six percent of respondents cited such costs as a top concern in the survey, representing the first half of 2018, compared with 35% in a 2017 survey for the same timeframe.

Investors’ second-greatest concern changed from 2017 to 2018, however. This year, the second-greatest concern is increasing interest rates, cited by 32% in 2018 and only 12% in 2017. Tops last year was increased construction activity, cited by 30% of survey respondents in 2017 but only 17% in 2018.

Overall, investors responding to the survey said that independent living represents the biggest opportunity for them right now, with 34% giving that answer. That’s down 2% from last year, when it also was investors’ first choice.

Assisted living came in second place in this year’s survey, at 23%, the same as last year. Investor interest in active adult communities grew from 13% in 2017 to 19% in 2018, however.

Interest in skilled nursing held steady at 17%, but interest in memory care declined from 6% to 4%. The lack of interest may be due to overbuilding in recent years, CBRE said.

Sixty-four percent of respondents said they might increase their exposure to seniors housing over the next 12 months, and 31% said they didn’t anticipate a change.

Findings were based on responses from 69 brokers, institutional bankers, real estate investment trust professionals, developers, private investors and others.