Senior Housing Inventory Trends Upward
There's good news for the senior housing market as data indicates occupancy held steady and inventory is increasing. After a lackluster Q2, industry experts expressed optimism due to growing inventory and demand. It should come as no surprise that the senior housing industry - one of the hardest hit during the pandemic - is undergoing a rebirth. Traditional housing models are outdated, but trends such as intergenerational living and active adult communities are defining the industry's future.
Growth, New Construction, and Demand Improving Senior Living Outlook
It's important to note that the pace of recovery will fluctuate across the country, as specific markets have been more affected by the pandemic than others. And while the rate of construction and development may have been slow at first, we see new opportunities in senior living, thanks in part to tech-savvy leaders. Instead of sitting back and waiting to see how the market recovers, many operators have taken matters into their own hands, embracing digital marketing strategies and other tactics to attract residents and improve inventory.
While occupancy rates remain neutral, it's not because of a lack of inventory but rather the opposite. In fact, in Q2 inventory grew and outpaced demand. But this is a positive sign of what's to come as the sector continues to bounce back from the darkest days of the pandemic. According to the National Investment Center for Seniors Housing & Care, demand is as high as it has been since 2019. Senior housing providers across the nation are also reporting an uptick in occupancy as properties have undergone improvements to meet the demand of today's residents.
Investment Opportunities on the Horizon
Sherman & Roylance Real Estate Investment Services has several exciting listings right now, including a rare assisted living development opportunity in Rancho Santa Fe. If you are interested in this listing or curious about our other investment opportunities, please do not hesitate to contact us. As always, we'll be keeping a watchful eye on the market and have numerous listings coming up soon. With the amount of new construction and senior housing developments popping up, we are hopeful about how the industry will fare in the post-pandemic landscape.