Although senior housing occupancy rates across 31 key metropolitan cities have been on a rough road for the past seven years, some cities seem to have weathered the economic storm with more stamina than others.
Pittsburgh, San Jose and New York top the list of the highest senior occupancy rates in 2Q, but New York has show steady resilience since 2006 against housing market jitters and national recessions, according to the National Investment Center for the Seniors Housing & Care Industry. The New York metro senior housing rates were 340 basis points higher than the overall 31-city metropolitan average in 2Q 2013, and the New York occupancy rates have remained over 91 percent for the past seven eyars, with the sole exception of a dip to the 90th percential in 2009.
Other cities continue to struggle; Miami’s metro occupancy rates mirrored the national decline until 2012, but have yet to recover on par with the 31- city metropolitan composite. While the composite market has been on an upswing since 2010 and now averages occupancy rates in the 89th percentile, Miami has hovered in the 86th percentile for the same span of time, and has been one of the few metro areas to record a net loss of units.