![]() An increased demand for senior housing in 2022 could also mean an increase in senior housing construction, say sources. Senior housing has been generally flat since the Covid-19 outbreak which saw some communities experiencing a reduction in tenants, in some cases due to deaths caused by the pandemic. Noted Senior Housing News earlier this year: “In the first quarter of 2021, independent living construction starts were at low levels not seen since 2012.” The market remained dormant for most of this year, but now, according to Multi Housing News, a resurgence may be on the horizon. “The continued roll out and success of the vaccine, as well as the return to near ‘normal’ operations at senior communities has resulted in increased demand from residents and families,” says the publication. It is additionally noted that “continued reductions in Covid-related deaths should result in further positive net going forward.” According to sources, to hold down construction costs some senior housing projects have been proposed in repurposed hotels, motels, shopping malls, old schools, and other structures. Meanwhile, in a nod to the pandemic, those projects are also more likely to see the building of increased multipurpose rooms, larger residential apartments, and defined outdoor spaces. An undeniable factor spurring current optimistic forecasts for the industry has to do with the impact of the massive, but aging, Baby Boom generation. Notes the Multi Housing News: “Increasing demand for senior housing is forecasted as the 85-plus population is expected to grow by 177% to 18.5 million by 2050.” By Garry Boulard
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