The Wall Street Journal (reposted on Realtor.com) says aging baby boomers are about to rekindle the senior housing market. They say that while senior housing has been one of the biggest disappointments for commercial real-estate investors, thanks to millions of aging baby boomers, that may be about to change. In fact, they point out that the oldest of the baby boomers turn 80 in less than a year.
The sector is expected to move from its former glut to a shortage in the next five years. More than 560,000 new units are needed to meet all the demand by 2030, but only 191,000 will be added at current development rates, according to data service NIC MAP.
“We’ve never had a population pyramid that looks like this,” said Arick Morton, chief executive of NIC MAP. “The senior housing industry would need to develop twice as many units as it has ever developed in any single calendar year every year to keep up.”
Click here to read the full story at Realtor.com
Click here to read the full story at the Wall Street Journal.
