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INDEPENDENT SENIOR HOUSING MARKET CONDITIONS <br />• We identified nine competitive senior housing communities in the PMA (five market rate <br />rental communities, one for -sale, and three subsidized communities). We found very few va- <br />cancies in the rental facilities (only 8 out of 502 units) and the newly constructed for -sale <br />building (Grey Oaks) continues to absorb units. The performance of these existing commu- <br />nities indicates potential for additional senior housing communities to meet the growing sen- <br />iors base as identified in the Demographic Analysis section. <br />• There are currently no vacancies in the subsidized communities and they all have waiting <br />lists. Managers of these facilities expressed a need for more affordable senior housing in the <br />area. While two of the three subsidized communities have seen a reduction in the size of <br />their waiting list over the past several years, our research indicates continued strong demand <br />for units affordable to lower- and moderate -income seniors. <br />MAXFIELD RESEARCH INC. 50 <br />