Is 25% vacancy rate in a RETIREMENT city a concern?

[Edita D.]

Hey guys! I was looking at a retirement city that has 25% vacancy rate.

Here is some other data:

-population 21k

-population growth 14% (since 2000)

-median sales price 129k

-year-over-year return -12%

-quarter-over-quarter -14%

-sales price 5 years ago 192k

-2006 sales price 270K

-median rent listed 1250$ (-22% change since a year ago)

I like the fact that there's definitely room to grow (between 2006 price and current), however I am concerned about 25% vacancy rate and decreasing rents. Even though I am not sure if I SHOULD be concerned since this is a RETIREMENT city.