Senior housing not immune to recession

Senior residential housing is feeling the pinch just like the rest of the housing market. For the second quarter of 2009, the latest data available, occupancies fell even as rent growth was modest in the Southeast and the Tampa area, according to the National Investment Center for the Seniors Housing & Care Industry. The organization tracks occupancies and rents for independent and assisted living facilities across the country.

Despite 5.6% lower average rents than the country as a whole, the Southeast region posted a 1.6% decline in occupancies in the second quarter of 2009. The Tampa area reported a 2% drop in occupancies.

In Tampa, the average monthly rent rose a meager 1.1% to $2,692 on an annual percentage change basis and occupancies fell to 88.7%, down 2%.