Not all senior housing markets are equal. In fact, several markets across the country today have performed very differently from their counterparts, said National Investment Center for the Seniors Housing and Care Industry analysts during a NIC conference held in Chicago, Ill. last week.
Those senior housing outliers have experienced a recovery markedly different from the national average; in some cases for the better, but in others, not so much.
The first city noted by NIC’s analytics team was Denver.
“Denver fell the most and has recovered a bit more than half,” said Mike Hargrave, vice president, NIC MAP.
All markets tracked by NIC have shown some upturn since their bottom except for Phoenix, another outlying metro. Phoenix is currently at its cyclical low, according to NIC’s data.
While some markets are still lagging in the recovery, there is one market that has fully rebounded following the housing downturn: Cleveland. And another midwest city to see comparatively high occupancy: Minneapolis.
Dallas, in contrast seems to be more of a “build it and they will come,” success story, Hargrave said, citing a recent recover with lower than average occupancy rates and appealing construction qualities.
Despite the region, there will be a lasting trend toward rent growth, NIC said, with most markets already seeing this shift.
Written by Elizabeth Ecker