Senior Housing Market Update 2026 with Ernie Anaya

In this episode of America's Commercial Real Estate Show, host Michael Bull sits down with Ernie Anaya, President of the Senior Housing Group at Bull Realty, to explore the dynamic and growing senior housing market in the U.S. Anaya highlights the massive demographic shift driven by the aging baby boomer population, with the 80+ age group projected to grow by 48% from 2025 to 2030. Despite strong demand—projected at 200,000 new units annually—current construction lags significantly, with only 10,000–15,000 units built per year. The episode breaks down the different segments of senior housing: active adult, independent living, assisted living, memory care, and skilled nursing, each with distinct occupancy rates, rent levels, and cap rates. Memory care and behavioral health facilities are emerging as high-growth, high-reward sectors, with strong occupancy and profitability. Anaya emphasizes the importance of licensing, certificate of need requirements, and unmet demand analysis when evaluating market opportunities. He also discusses the shift toward REIT-style investments and the value of partnering with experienced operators. The episode concludes with a powerful reminder: senior housing is not just a financial opportunity but a meaningful way to serve others while building wealth.