Senior Living Occupancy, Credit & Supply/Demand Pressures

Q3 occupancy was reported at 90.4% across 31 primary markets, against low construction and a planning pipeline with only 5.5% of units at bidding or final planning. Development remains difficult, especially for middle-market housing; larger units, staff-centered layouts and active adult are notable themes. Painesville’s 120-residence assisted-living project broke ground, while the 51-unit Germantown YWCA affordable senior-housing redevelopment remains contingent on tax credits and approvals.