WALNUT CREEK, CA -- Demand
for seniors housing units is intensifying thanks to a rapidly improving housing
market, reports Marcus & Millichap.
The sharp increase in home prices over the past year fueled
by historically low interest rates has boosted confidence among sellers and reduced
the number of homeowners underwater on their mortgages significantly.
According to housing tracker Zillow, the percent of homeowners
that are upside down has plunged by 600 basis points year over year to 25.4
percent.
The percentage change
represents more than 2 million homeowners who have been freed from negative
equity, providing the impetus for many seniors to sell and relocate into
independent living facilities.
In fact, occupancy in both independent living and CCRCs is
anticipated to rise this year, spurring rent growth in both product types.
Assisted living facilities will also record an increase of
demand, though a wave of construction in some areas will cause the national
occupancy level to retreat modestly.
The Southeast and Texas, in particular, could see softening
conditions due to the prevalence of newly constructed assisted living
facilities, including many with dementia care units.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
Marcus &
Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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