Are Philadelphia and Atlanta’s uptick in independent living inventory going to impact the occupancy rates in the area? Can Cleveland support more assisted living construction? Will Chicago continue to be the Midwestern metro with the most senior living construction underway?
Senior housing data from your local market is a helpful tool as you plan your next senior living development or repositioning project. This quarter we offer data from metropolitan statistical areas (MSAs) in the Southeast, Midwest, and Northeast regions in our Q1 2019 Market Snapshot reports:
- Atlanta, Georgia
- Chicago, Illinois
- Cleveland, Ohio
- Philadelphia, Pennsylvania
Senior living trends and data
Senior housing data from these four MSAs show vastly different pictures of the senior living industry’s occupancy, inventory growth, and construction throughout the United States. Such extreme variation in these metros highlights the need for detailed market studies and data-driven strategic planning before making a change.
Here’s a sneak peek into our Market Snapshot reports:
Occupancy
Three of the four markets we analyzed saw independent living occupancy rise since last quarter. Rates approached 90% for all but the Philadelphia MSA, which has a 92.3% occupancy rate this quarter. The Philadelphia MSA’s assisted living occupancy was also higher than the other markets we analyzed, while the Cleveland MSA’s 78.3% occupancy rate was the lowest.
Absorption
Independent living and assisted living absorption were positive in all of the markets we analyzed. Independent living absorption rates were all up since last quarter, which helped moderate the effect of the positive inventory growth on these markets’ occupancy figures. Assisted living absorption for the other markets varied: The Cleveland MSA’s absorption figure was significantly higher than the past, but the Chicago MSA and Atlanta MSA both had lower numbers this quarter.
Inventory growth and construction
The trend in inventory growth across the four markets was fairly consistent: Independent living for all markets showed increased growth, while assisted living was marked by declines in three of the four markets. The Cleveland MSA stands out as the outlier for its sharp assisted living inventory growth, which could have played a large role in the drop of occupancy for the area this quarter when absorption could not keep up.
Read the full market report for more
For more information about these markets and to see how they benchmark against their regions and comparable markets, download the report below.
If you would like to request a Market Snapshot report for your MSA or want to learn about our market feasibility service line to prepare for your next capital project, please reach out to us.
The data contained in this report is obtained from the most recent data stores of NIC MAP® Data Service and the Bureau of Labor Statistics. Although the information was obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein.
