Senior housing has bright future

Senior housing may have a construction increase.

Many commercial property managers involved in senior housing may experience slow growth at the moment, but according to National Real Estate Investor, improvements should occur for years.

While total construction this year is significantly lower than in during 2007 and 2008, there is a heightened demand, which should increase for years, the news source explained. Because of this, further commercial developments could be profitable due to millions more aging Americans expected in the next several decades. Additionally, the type of senior property many look for has changed.

"You've got about 15,500 nursing homes throughout the United States that were built before 1975, and they’re all virtually obsolete," Zeke Turner, CEO of Mainstreet Property Group, told the news source. "The consumer wants private rooms and baths, engaging social activities and restaurant-style dining."

Many of the newer properties built over the next several years will be assisted-living venues, but there will be various amenities that most current properties do not have, the news source added. Demand for independent living venues have not been as high as those for assisted living in recent years, as well.

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