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Seniors Housing Inventory Growing Fast

CHICAGO—The pace of new construction has helped push down the US occupancy rate, according to NIC.  

By Brian J. Rogal | brianjrogal | Updated on April 17, 2017

chi-ClarendaleofAlgonquinRibbonCutting (2) The 2016 opening of Clarendale of Algonquin, a seniors community developed by Ryan Cos. in Algonquin, IL.

CHICAGO—Developers and lenders in the seniors housing sector have for years only allowed new construction to proceed at a modest pace. The development community’s aim was to avoid the mistakes made in past booms, when too many inexperienced operators built too much new product. However, developers have recently picked up the pace a bit as an aging population has steadily boosted demand.

And according to a new report from the National Investment Center for Seniors Housing & Care, the seniors housing annual inventory growth rate in the first quarter of 2017 was 3.4%, up 0.2 percentage point from the prior quarter and the fastest pace since at least 2006.

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