Occupancy for assisted living, nursing care, and other senior housing increased 1.4% during the third quarter to 80.1%, according to the National Investment Center for Seniors Housing & Care (NIC). Still senior housing occupancy is well below its pre-pandemic level of 86.6%.
“Notably, senior housing construction starts amounted to only 1.9 percent of the existing inventory in the third quarter on a rolling four-quarter basis, one of the lowest rates since 2011,” said NIC’s chief economist, Beth Burnham Mace. “Industry leaders should keep an eye on this trend because it suggests that there may be a window of limited inventory growth and potential promising investment opportunities next year.”
Occupancy increased for assisted living, independent living, and nursing care properties.
•Assisted living occupancy increased to 76.9 percent, up from its pandemic low of 75.4 percent in the first quarter of 2021 but still below its pre-pandemic level of 85.0 percent.
• Independent living occupancy increased to 83.2 percent, up from its pandemic low of 81.8 percent in the first quarter of 2021 but still below its pre-pandemic level of 89.7 percent.
• Nursing care occupancy increased to 76.3 percent, up from its pandemic low of 74.1 percent in the first quarter of 2021 but still below its pre-pandemic level of 86.6 percent.
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