Which markets have seen assisted living inventory growth?
Within the largest 30 metropolitan markets (Las Vegas excluded), the number of units in assisted living properties has increased by 7.7 percent during the last five years.
Across these metropolitan markets, all but four markets have seen a net increase in inventory during this time. Pittsburgh has the lowest inventory growth rate, with its inventory declining by 5.6 percent during the past five years, while Miami, San Antonio and Philadelphia have also realized net inventory declines.
There are three metropolitan markets that have had particularly strong net growth in the past five years: St. Louis, Mo.; San Jose, Calif.; and Chicago—all of which have seen growth to their respective assisted living inventories by more than 30 percent since 2Q06. The lofty growth rates of San Jose and St. Louis are partially explained by their relatively small market size, with St. Louis ranking 24th and San Jose ranking 30th in terms of total assisted living unit inventory.
Chicago, on the other hand, has the 3rd most assisted living units. The city has grown by 2,673 units during the past five years, which is the most in the 31 largest metropolitan markets and has had twice as much growth on a unit basis as 2nd ranked Minneapolis, which has grown by 1,322 units during that time.
|Click graph for larger image. Graph courtesy of NIC MAP Data & Analysis Service.|
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