Sunday, September 15, 2013

Demand for Dementia Care Spurs Development




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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