Inside 3 of the Hottest Senior Living Development Markets in the US
Covid-19 slowed senior housing construction, but new properties continue to rise and open in many markets across the United States.
In fact, a steady stream of new community openings contributed to senior housing occupancy remaining at a record-low 78.7% in the second quarter of 2021, according to NIC MAP Vision.
Now, more developers are moving forward with projects after delaying groundbreakings and in-progress construction due to disruption in the pandemic’s early weeks in the spring of 2020.
Some markets will be impacted harder by the uptick in development than others — and some of these markets already are struggling with low occupancy, not only from Covid-19, but from oversupply in the years preceding the pandemic.
But developers and operators are betting that demographic trends, particularly population growth, will remain favorable and support lease-ups,…