Senior Living Market Snapshots: Chicago, Columbus, Detroit, & Milwaukee MSAs
Understanding your market area’s senior living market trends in occupancy, inventory growth, construction, and real estate is essential when planning your capital projects.
In this quarter’s Q3 2019 Market Snapshot reports, we offer data from four metropolitan statistical areas (MSAs) in the Midwest region:
- Chicago, Illinois
- Columbus, Ohio
- Detroit, Michigan
- Milwaukee, Wisconsin
Sneak peek into our Market Snapshot reports
Occupancy
All four markets we analyzed saw independent living occupancy rise since last quarter, with rates in the mid-80% to low 90% this quarter. Three of the four markets we analyzed show assisted living occupancy rates in the low 80% range, while Detroit came in at about 79%. Most of these averages are below the average occupancy levels seen in their respective regions.
Absorption
Independent living and assisted living absorption were positive in all the markets we analyzed. Compared to last quarter, all the markets saw increases in their absorption rates for both independent living and assisted living except the Columbus MSA’s independent living, the Milwaukee MSA’s assisted living, and the Detroit MSA’s assisted living.
Inventory growth and construction
The Chicago MSA’s independent living continues to have a large number of units under construction and strong inventory growth. Independent living inventory growth across the other three markets was more varied. The Milwaukee MSA and Columbus MSA both saw increases in their inventory growth rates; the Detroit MSA lost inventory. Construction numbers for independent living have risen in the Detroit MSA compared to last quarter but have remained the about the same for the Milwaukee MSA and Columbus MSA.
The Chicago MSA and Columbus MSA have seen its assisted living inventory growth rise drastically. The Milwaukee MSA’s and the Detroit MSA’s inventory growth slowed this quarter compared to last quarter. The number of units under construction has decreased in all four markets since last quarter.
NEW! Real estate and demographics data
This quarter’s Market Snapshot reports include new data on real estate and demographics in each market. Download the full reports below to see what’s new!
Read the full market report for more senior living trends
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 how our development advisory services help you plan and execute successful capital projects, please reach out to us.
