Senior Living Market Snapshot: Q4 2023
Back by popular demand: Plante Moran Living Forward’s Market Snapshot reports!
With a new design and more actionable content, this quarter’s report focuses on the construction and market data from the Midwest region’s primary markets benchmarked against comparable markets across the nation.
Senior living market trends can have a huge impact on your organization, especially as you plan for your future. Our regional snapshot can help provide a pulse on the market, but we encourage you to reach out to our team before you make any decisions about your plans for growth or repositioning. Your local market, the condition of your assets, your strategic plan, and your operational health should all be considered holistically.
Inside this quarter’s Senior Living Market Snapshot
This quarter, we offer data from the primary metropolitan statistical areas in the Midwest (defined as the “East North Central” region), encompassing markets across Michigan, Illinois, Wisconsin, and Ohio:
Akron, OH | Ann Arbor, MI | Chicago, IL | Cincinnati, OH | Cleveland, OH | Columbus, OH | Dayton, OH | Detroit, MI | Flint, MI | Grand Rapids, MI | Indianapolis, IN | Janesville, WI | Lansing, MI | Madison, WI | Milwaukee, WI | Monroe, MI | Racine, WI | Rockford, IL | Saginaw, MI | Toledo, OH | Youngstown, OH
Highlights from the Q4 2023 report:
- Construction material prices remain elevated, and coupled with higher interest rates, are leading to more expensive projects.
- Moderate to negative inventory growth is likely helping keep the East North Central Region in line with demand, with occupancies steadily increasing.
- While the East North Central Region is currently behind the national averages for occupancy in both independent living and assisted living, it has recovered to surpass its pandemic low and hit an all-time high in occupied units.
Read the full market report for more senior housing market trends
Download the Q4 2023 report for insights into the Midwest’s senior housing construction and census trends.
