Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | April 11, 2024
NIC SHARK Series: First Segment Report NIC Analytics launched the first segment of the new NIC Senior Housing Analyst Review and OutlooK (SHARK) report series. The NIC SHARK report series is intended to deliver actionable, data-informed insights, and forward-looking perspectives for senior housing capital providers, operators, and developers to prepare for the future and better serve America’s older adults.
NIC Spring Conference | Regulatory Environment | Senior Housing | medicare | medicare advantage
By: NIC | April 11, 2024
Insights on senior housing and care from the agency’s top administrator. More data. More dialogue. That was the ask of the industry by the director of the Medicare program during a candid discussion at the 2024 NIC Spring Conference in Dallas.
Active Adult | Baby Boomers | NIC Spring Conference
By: NIC | April 11, 2024
Two developers share lessons learned. As the active adult rental segment attracts more investors amid a quickly growing pool of potential customers, a highly interactive session at the 2024 NIC Spring Conference took a deep dive into the product type. Two broad-reaching case studies of successful strategies were highlighted. The audience was also polled throughout the discussion for their input.
Business Environment | Ideas and Discussion | Senior Housing
By: Morgan Graphman, Director of Business Intelligence, Ascent Living Communities | April 11, 2024
In the dynamic world of senior living, the partnership between operators and owners holds the key to transforming ordinary buildings into vibrant, thriving communities. Operators are tasked with managing relationships with various owners, each with their unique needs, expectations, and strategic objectives. Conversely, owners oversee multiple operators, each bringing their distinct management styles, market insights, and operational approaches to the table.
By: NIC | April 10, 2024
On May 21-22, 2024, NIC will host its second-annual Data & Analytics Conference. This year’s Conference Chair, Justin Hutchens, EVP Senior Housing and Chief Investment Officer, Ventas, shares his thoughts on the upcoming gathering and what attendees can expect at this year’s event.
AgeTech | NIC Spring Conference | Senior Housing
By: Serena Lipton, MMH | March 28, 2024
The 2024 NIC Spring Conference saw a dynamic convergence of senior living operators and technology companies at the Innovation Lab, "Enhancing Health Outcomes Through Innovation: Tech-Enhanced Senior Living." Led by Moderator Abby Miller Levy, Managing Partner & Co-Founder of Primetime Partners and vice chair of NIC’s AgeTech Committee, and featuring panelists Amy Silva-Magalhaes, COO of The Bristal Assisted Living, and Greg Furst, Technology M&A Strategy Consultant at Omega Healthcare Investors, the session aimed to explore the transformative potential of technology in senior living.
Economic Trends | Senior Housing
By: Lisa McCracken | March 28, 2024
As anticipated, at last week’s meeting of the Federal Reserve Board, rates were held steady at 5.25 to 5.50%. Several months ago, there was hope of a potential move towards rate reductions at this March meeting, but as inflation and unemployment numbers have been higher than projected, the likelihood for rate cuts moved further into 2024. In his remarks, Chairman Jerome Powell acknowledged that labor conditions remain tight, but that labor-related supply and demand issues are coming more into balance, overall unemployment figures are low, and we are seeing more nominal wage growth compared to recent years. He noted that, while these indicators are positive, the demand for workers is greater than the available supply. Chairman Powell also noted that, while inflation has come down, current levels remain above the 2% goal. Projections are for continued drops in the inflation rate throughout 2024 and into 2025 and 2026.
By: Jason Zuccari | March 28, 2024
A Conversation with John and Taylor Rijos This article is the second in a series showcasing parent/child duos across the senior housing and care industry. My conversation with John Rijos of Chicago Pacific Founders and his son, Taylor Rijos with Kayne Anderson, offers insights into why this is becoming a common trend.*
Baby Boomers | Forgotten Middle | NIC Spring Conference | middle market
By: Kathy Belleville | March 28, 2024
Turning insights into action was more than a theme at the 2024 NIC Spring Conference, it was a goal. The Innovation Labs held in Dallas offered attendees an opportunity to do just that – with some of the brightest minds in the industry.
By: Joelle Poe | March 14, 2024
AgeTech, as it is defined, is the dynamic integration of technology that is tailored to meet the unique needs of our seniors. It is also reshaping the senior housing industry as we know it. A tech-infused approach is not only enhancing the overall well-being of our residents but is also addressing the challenges faced by caregivers and communities that provide services for our aging population.
By: NIC | March 14, 2024
Attendees gathered in Dallas for three days of content, connections, and actionable insights. Against the backdrop of an ever-evolving senior housing and care landscape, the 2024 NIC Spring Conference brought together industry leaders, experts, and stakeholders to exchange ideas, network, learn, and chart a forward-looking course for the sector.
By: Lisa McCracken | March 14, 2024
With more than 1,800 attendees at last week’s NIC Spring Conference, it was the ideal time to ‘take the temperature’ of the stakeholders serving and investing in the senior housing and care landscape. Attendees were asked, “What is your 2024 outlook for senior housing and care?” to which they selected a response ranging from “Extremely Positive” to “Extremely Negative.” As detailed below, nearly 8 out of 10 attendees responded, “Somewhat Positive” or “Extremely Positive.”
By: NIC | March 12, 2024
Older adults who live in senior housing communities live longer, receive more home health services, and benefit from greater rehabilitative and preventive care in the two years following move-in than those who do not, according to new research. The research was supported by a grant from NIC and led by an independent team of researchers at NORC at the University of Chicago.
Senior Housing | middle market
By: NIC | February 29, 2024
Middle income seniors don’t have a wealth of senior living options. Either they don’t have enough money to afford a market rate community, or too much to qualify for an affordable place.
CCRC | Market Trends | NIC MAP Vision
By: Omar Zahraoui | February 29, 2024
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within entrance fee CCRCs and rental CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores the recovery of regional occupancy rates by majority contract type (entrance fee CCRCs vs. rental CCRCs) and compares the distribution of occupancy among different community types and by contract type during the fourth quarter of 2023.
Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | February 29, 2024
The following analysis examines initial rate growth and discounts offered compared to asking rates across all senior housing care segments. Additionally, the analysis explores initial rate growth patterns within select NIC MAP® metropolitan markets reported by NIC MAP Vision.
Market Trends | Skilled Nursing
By: Bill Kauffman | February 29, 2024
As we venture through 2024, the skilled nursing sector is preparing to navigate the challenges and seize the opportunities that lie ahead. The sector is focused on securing increased funding, enhancing public education about the sector, and addressing the ongoing workforce challenges.
Market Trends | Senior Housing | Skilled Nursing
By: Omar Zahraoui | February 15, 2024
NIC Analytics released the 3Q 2023 NIC Lending Trends Report today. The complimentary quarterly report includes data trends over seven years for senior housing and nursing care construction loans, mini-perm/bridge loans, and permanent loans from 3Q 2016 through 3Q 2023.
By: Shashank Goel | February 15, 2024
Keen senior housing investors have a growing pool of opportunities that span the risk spectrum, at dislocated pricing, set against the backdrop of one of the most compelling fundamental stories in the real estate sector. This dynamic may accelerate in the coming months as several compounding forces coalesce to motivate sellers to strategically evaluate options, including to transact.
By: Omar Zahraoui | February 15, 2024
Amid favorable supply and demand market dynamics, 2024 presents a golden opportunity for senior housing communities to bolster occupancy rates and drive operational growth, thereby mitigating some of the challenges posed by capital market conditions.
By: Jason Zuccari | February 15, 2024
A Conversation with Lynne and Andrew Katzmann This article is the first in a series showcasing parent/child duos across the senior housing and care industry. My conversation with Lynne Katzmann of Juniper Communities and her son, Andrew Katzmann with Columbia Pacific, offers insights into why this is becoming a common trend.
By: Ryan Brooks | February 15, 2024
In 2023, Medicare Advantage (MA) enrollment surpassed traditional fee-for-service Medicare enrollment for the first time in the program’s history, with more than 30 million seniors—51% of the Medicare population—now enrolled in a private plan. While MA plans can boast lower 30-day hospital readmission rates and fewer avoidable hospitalizations for their members, the increasing penetration of MA plans is a trend that senior housing and care providers should monitor closely.
Ideas and Discussion | Workforce
By: NIC | February 01, 2024
How to reimagine senior housing in partnership with higher education.
Market Trends | NIC MAP Vision | Senior Housing
By: Caroline Clapp | February 01, 2024
The NIC Analytics team presented findings during a webinar with NIC MAP Vision clients on January 18, to review key senior housing data trends during the fourth quarter of 2023.
Market Trends | Senior Housing
By: Lisa McCracken | January 18, 2024
The year ahead will likely be a dynamic one for senior housing and care with unfolding trends that will shape our sector in meaningful ways for the next decade as boomers age into the demographic most likely to access housing and services. The five trends below highlight some of these sector growth predictions to watch in 2024.
Business Environment | Economic Trends | Senior Housing
By: Zachary Britton | January 18, 2024
The 2024 capital markets outlook is that much remains the same. Credit is scarce and the capital markets remain unpredictable. Whether the Fed will cut rates in four months, six months, or even nine months, many investors believe that defense is the best offense. The preceding ten years created a fascinating environment with cap rate compression to historic lows and a substantial amount of newly issued debt. Today, the industry is entering a period of transition where cap rates are starting to progress upward, and historic levels of debt are being repriced in a higher cost of capital environment.
By: NIC | January 17, 2024
In the first week of March, NIC will host its 2024 NIC Spring Conference in Dallas, TX. This year’s conference programming has been led by co-chairs Colleen Blumenthal (HealthTrust) and Peter Longo (Cantex Continuing Care Network). Learn what they recommend at this year’s event and what attendees can look forward to.
Market Trends | Senior Housing
By: Omar Zahraoui | January 17, 2024
2024 will mark the end of a three-year pandemic occupancy recovery, paving the way for 2025 to be a year focused on proactive initiatives, efficiency developments, and a forward-looking approach.
Ideas and Discussion | Research | Senior Housing
By: Lisa McCracken | January 10, 2024
Since the 2019 “Forgotten Middle” study, NIC has recognized the need to move towards actionable solutions for housing and care for the middle-market older adult. In early 2023, NIC joined with CVS Health to sponsor an in-depth study by Milken Institute’s Financial Innovations Lab® and Center for the Future of Aging to identify viable, actionable solutions for financing and scaling middle market senior housing & care. The culmination of this work is captured in a newly released report called, “Innovative Financing and Care Models to Scale Affordable Housing Solutions for Middle-Income Older Adults.” Four potential strategies for both senior housing and housing with care are outlined in this report.
Ideas and Discussion | Senior Housing
By: NIC | January 04, 2024
“The role NIC plays is to be the unquestionable source of truth for all stakeholders regarding data and research about our senior population and for all avenues of senior care and support services here in the U.S.”
Market Trends | NIC MAP Vision | Senior Housing
By: Lisa McCracken | January 02, 2024
We are all well-aware of the demographic trends unfolding in the U.S. In 2025, the first Baby Boomers will turn 80. Are we prepared for the implications of the aging population and is there enough supply to meet the demand for senior housing & care in the years ahead? Calculations by NIC MAP Vision project the need for an additional 200,000 senior housing units by 2025.
Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | December 21, 2023
The tendency of stability is to breed stability.
Business Environment | Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | December 18, 2023
The construction of senior housing communities has faced a myriad of challenges in recent years, evidenced by a marked decline in construction starts and extended construction durations. These challenges have been apparent since the onset of the COVID-19 pandemic, and have been further compounded by labor shortages, a lack of building materials, and inflation. Additionally, the quick and large rise in interest rates orchestrated by the Federal Reserve has led to higher construction financing costs, limited availability of debt, and increased development costs. These combined factors have prolonged the time it takes to bring a senior housing project from the planning stages to the construction phase and eventually to its final delivery and eventual opening.
Actual Rates | Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | December 15, 2023
Data from the recently released 3Q 2023 NIC MAP Vision Actual Rates Report showed that the pace of growth in all rates for all care segments (independent living, assisted living, and memory care) maintained near record highs observed since the onset of 2023 for the data contributors to this data collection. In the recently released report, monthly data of actual rates and leasing velocity are presented
By: Caroline Clapp | December 13, 2023
NCREIF Performance Report Q3 2023 The senior housing sector posted a total return of -1.15% in the third quarter of 2023, down from a positive total return of 0.48% in the prior quarter. Short-term total returns for senior housing slightly outperformed the broader NPI, which posted a total return of -1.37% in the third quarter. Positive income returns for senior housing were outweighed by negative appreciation, driving negative total returns for the quarter. The broader NPI in the third quarter posted a similar performance, with negative appreciation more than offsetting positive income returns.
By: Omar Zahraoui | December 12, 2023
Senior housing stabilized occupancy will soon mark its tenth quarter of positive growth, the longest period of uninterrupted gains since NIC and NIC MAP Vision began reporting the data in 2005. Compared to pre-pandemic times, the year-over-year inventory growth has remained relatively modest, with rates for independent living hovering around 1.0% to 1.7% since October 2021 and for AL since June 2022. This subdued pace is partly due to fewer construction starts and extended durations of project deliveries in recent years. According to intra-quarterly NIC MAP® data released by NIC MAP Vision, the senior housing stabilized occupancy rate for the NIC MAP Primary Markets increased to 86.1% in the November 2023 reporting period, up 0.1 percentage points (pps) from October 2023 and 0.6pps from September 2023, on three-month rolling basis. From its pandemic record low of 80.2% in June 2021, senior housing stabilized occupancy increased by 5.9pps but remained 3.2pps below pre-pandemic March 2020 levels of 89.3%.
Forgotten Middle | Senior Housing | assisted living | home care
By: Lisa McCracken | December 07, 2023
This year’s Housing for America’s Older Adults report, produced by the Joint Center for Housing Studies of Harvard University and supported with funding from NIC, includes a special, independent analysis on the middle-market older adult. It underscores that the private and public sectors still have work to do to expand housing access and care choices for middle-income older adults as they age.
CCRC | Market Trends | NIC MAP Vision
By: Omar Zahraoui | December 06, 2023
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within CCRCs and non-CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores the distribution of units in CCRCs and non-CCRCs by year of opening as well as regional occupancy rates by profit status (not-for-profit CCRCs vs. for-profit CCRCs) and payment type (entrance fee CCRCs vs. rental CCRCs) during the third quarter of 2023.
Ideas and Discussion | NIC MAP Vision | Senior Housing | healthcare
By: Dianne Munevar | November 28, 2023
Well, what if you didn't have to choose? For 40 years and counting, senior housing owners and operators have prepared for and responded to the housing needs of aging adults. This market, which includes assisted living and independent living as well as memory care and nursing homes, has seen immense growth. But two problems remain: affordability and integration with comprehensive health services. These issues will persist for future generations if we don’t start solving them today—to allow our grandparents, parents, and eventually ourselves to live in the settings we choose with the appropriate set of health care services we need to age with dignity.
By: Ryan Brooks | November 21, 2023
Looking for ways to reduce time loss, and increase profitability and efficiency? It all starts with an effective HR strategy. NIC Senior Principal Ryan Brooks recently talked with Melissa Bollinger, Senior Enterprise Business Consultant at Paychex about the tangible benefits organizations can realize through strategic HR partnerships with Professional Employer Organizations (PEO). Here is a recap of their conversation with key insights on fostering growth, improving retention plans, and keeping employees happy and healthy in the senior care industry.
By: NIC | November 17, 2023
With the senior housing and care sector at a crucial inflection point, the 2023 NIC Fall Conference convened a cross section of industry stakeholders to network, learn, and identify strategic opportunities.
Market Trends | NIC MAP Vision | occupancy
By: Omar Zahraoui | November 09, 2023
NIC MAP Vision released October 2023 intra-quarterly data on November 9, 2023. The following NIC analysis highlights the ongoing occupancy recovery overall and includes market-level insights from the data.
Market Trends | Senior Housing | Skilled Nursing
By: Omar Zahraoui | November 08, 2023
NIC Analytics released the 2Q 2023 NIC Lending Trends Report today. The quarterly report, available complimentary to NIC constituents, includes data trends over seven years for senior housing and nursing care construction loans, mini-perm/bridge loans, and permanent loans from 3Q 2016 through 2Q 2023.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | November 03, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on November 2, 2023. The report includes key monthly data points from January 2012 through August 2023.
Market Trends | NIC MAP Vision | Senior Housing
By: Caroline Clapp | October 20, 2023
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-October on key senior housing data trends during the third quarter of 2023. Findings were presented by the NIC Analytics research team. Key takeaways included the following:
By: Serena Lipton, MMH | October 18, 2023
NIC Academy has gone live this week with The Fundamentals of Underwriting Senior Housing and Care certificate program. This certificate program stands out as the industry's premier certification program designed to train investment and finance professionals. Upon completing the program's six courses, graduates will earn a certificate in the Fundamentals of Underwriting Senior Housing & Care and the professional designation of 'CSHIP' - Certified Senior Housing Investment Professional. The CSHIP designation is the first and only professional certification
By: Bill Kauffman | October 17, 2023
Capital is available, but solving the financing puzzle nowadays takes some out-of-the-box thinking. Tony Marino has seen the market’s ups and downs over time and knows how to get deals done.
Actual Rates | Business Environment | NIC MAP Vision
By: Omar Zahraoui | October 05, 2023
The senior housing market appears well-positioned for a steady and ongoing recovery, with occupancy levels expected to reach/exceed pre-pandemic levels in 2024, barring unforeseen challenges.
Ideas and Discussion | NIC Fall Conference
By: NIC | October 03, 2023
What technology is right for your business? How can artificial intelligence improve operations?
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | September 28, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on September 28, 2023. The report includes key monthly data points from January 2012 through July 2023.
Ideas and Discussion | Senior Housing | Skilled Nursing | medicare
By: Ryan Brooks | September 26, 2023
New research from NORC at the University of Chicago, funded by a grant from the National Investment Center for Seniors Housing and Care, sheds light on older adults’ vulnerability to declining health outcomes before and after entering a senior housing and care property. The results of the study provide insights into understanding current and growing demand for senior housing. The study is the first in a four-part research series that assesses the health and well-being of seniors housing and care residents. Subsequent studies will provide insights on access to health care providers, longevity, and health outcomes of residents in senior living settings.
Ideas and Discussion | NIC Fall Conference
By: NIC | September 25, 2023
Session speakers kickstart inspiration. Radical customer engagement can drive business growth. Healthcare and senior living can co-exist to open new possibilities. These are just two of the provocative topics to be explored during the NIC Talks session at the 2023 NIC Fall Conference.
By: NIC | September 21, 2023
Like so many executives, Ryan Galea was motivated by a personal experience to jump into the senior living industry. He was working on Wall Street investing in the healthcare and technology sectors. But when his grandmother became ill, he saw that she didn’t have the best care experience before she passed away.
CCRC | Market Trends | NIC MAP Vision
By: Omar Zahraoui | September 13, 2023
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within CCRCs and non-CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores the distribution of occupancy rates by payment type across all care segments during the second quarter of 2023.
Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | September 12, 2023
Senior housing all-occupancy is on track for a ninth consecutive quarterly gain, with a half percentage point increase in the first two months of the third quarter of 2023, i.e., July and August. The all-occupancy rate for senior housing for the 31 NIC MAP Primary Markets edged up to 84.2% in the August 2023 reporting period, up 0.1 percentage points (pps) from the July 2023 reporting period on a three-month rolling basis, according to intra-quarterly NIC MAP® data, released by NIC MAP Vision. From its pandemic record low of 77.8% in June 2021, senior housing all-occupancy increased by 6.4pps and is now 2.9pps below pre-pandemic March 2020 levels of 87.1%.
Actual Rates | Business Environment | NIC MAP Vision
By: Omar Zahraoui | September 08, 2023
Data from the recently released 2Q 2023 NIC MAP Vision Actual Rates Report showed growth for asking rates was at near-record highs on a year-over-year basis for all three care segments (independent living, assisted living, and memory care) for the data contributors to this data collection. In the recently released report, monthly data of actual rates and leasing velocity are presented through June 2023, including data on rate discounting and move-in/move-out trends. Key takeaways from the report, specifically from the Segment Type report, are presented below. Care segments refer to the levels of care and services provided to a resident living in an assisted living, memory care or independent living unit.
Senior Housing | healthcare | medicare
By: Ryan Brooks | September 05, 2023
In a discussion addressing gaps in care at the 2023 NIC Spring Conference, Dr. Bruce Leff, Director of The Center for Transformative Geriatric Research and Professor of Medicine at Johns Hopkins University, addressed the importance of understanding the functional status of residents.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | August 31, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on August 31, 2023. The report includes key monthly data points from January 2012 through June 2023.
By: NIC | August 30, 2023
“An investment in knowledge pays the best interest.”
Executive Survey Insights | Market Trends | Senior Housing
By: Ryan Brooks | August 15, 2023
NIC launched its Executive Survey Insights (ESI) series in March 2020 to provide timely insights on key property operational metrics within the senior housing and skilled nursing sectors during a critical time. Since this survey series was launched, more than 50 waves of the survey captured the property market’s performance through numerous challenges – COVID-19, labor deficiencies, supply shortages, threats of a looming recession, inflation, and rising expenses.
By: Omar Zahraoui | August 10, 2023
The occupancy recovery for senior housing will likely be sustained during the near-term given current supply and demand conditions.
Business Environment | Market Trends | Senior Housing | Skilled Nursing
By: Beth Mace and Omar Zahraoui | August 09, 2023
NIC Analytics released the 1Q 2023 NIC Lending Trends Report today. The quarterly report, available complimentary to NIC constituents, includes data trends over six years for senior housing and nursing care construction loans, mini-perm/bridge loans, and permanent loans, from 3Q 2016 through 1Q 2023.
Market Trends | Senior Housing
By: Lana Peck | August 08, 2023
After the historical occupancy rebound in 2021, current senior housing sales metrics largely reflect pre-pandemic conditions. But as markets return to normal seasonality patterns, sales and marketing strategies should be adjusted based on data-driven insights and away from pandemic occupancy recovery tactics.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | August 03, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on August 3, 2023. The report includes key monthly data points from January 2012 through May 2023.
Market Trends | NIC MAP Vision | Senior Housing
By: Caroline Clapp | August 01, 2023
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-July on key senior housing data trends during the second quarter of 2023. Findings were presented by the NIC Analytics research team. Key takeaways included the following:
By: Omar Zahraoui | July 21, 2023
Data is more prevalent than ever, but are you confident that you know which data to focus on and how to pull insights from the data to make the best business decisions? If not, I encourage you to join me and other peers at the NIC Data & Analytics Conference.
Capital for Operations | Senior Housing
By: Jason Zuccari | July 20, 2023
You could say Joe Jedlowski’s (image left) career as a successful senior housing developer and operator really began when he was a 15-year-old working in the kitchen of a skilled nursing facility. Raised by his paternal grandmother in New Jersey, he grew up watching her work at senior housing properties and eventually followed in her footsteps trying his hand at various industry positions.
Executive Survey Insights | Market Trends | Workforce | staffing
By: Ryan Brooks | July 13, 2023
“The June 2023 ESI again asked respondents to identify the share of full-time positions across their organization that are currently open. The responses indicate an improvement in the number of open positions that are impacting communities.
Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | July 06, 2023
Strong Demand Has Provided a Stable Foundation for Senior Housing Occupancy Recovery. According to second quarter 2023 NIC MAP® data, released by NIC MAP Vision, senior housing demand, as measured by the change in occupied units, continued to outpace new supply, marking its ninth consecutive quarter of growth with a net
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | June 29, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on June 29, 2023. The report includes key monthly data points from January 2012 through April 2023.
CCRC | Market Trends | NIC MAP Vision
By: Omar Zahraoui | June 22, 2023
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within entrance fee CCRCs and rental CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores the recovery of regional occupancy rates by payment type (entrance fee CCRCs vs. rental CCRCs) as well as the distribution of occupancy rates by payment type across all care segments during the first quarter of 2023.
Business Environment | Economic Trends | NIC Leadership Huddle
By: NIC | June 21, 2023
Despite constrained capital markets and a challenging operating environment, the senior housing sector could be looking at a window of opportunity far more attractive than it has been for some time.
Ideas and Discussion | Market Trends
By: Beth Mace | June 20, 2023
I have mixed emotions as I write this blog post announcing that I will be transitioning my role at NIC. After nine years of being on the staff as NIC’s Chief Economist and a comparable number of years being involved with NIC in various roles including being a member of the Board of Directors and the chair of the Research Committee, I will be stepping back to spend more time on other activities. That said, I am not entirely stepping back!
Market Trends | NIC MAP Vision | Senior Housing | memory care
By: Omar Zahraoui | June 15, 2023
According to estimates derived from an analysis released by NIC Analytics in 2022, approximately one in nine Americans aged 65 and older, totaling 6.5 million individuals, are affected by Alzheimer’s or other dementias. The analysis further indicated that the prevalence increased with age, with higher ratios observed in older age cohorts. By projecting the findings to 2030, NIC Analytics estimated that around 8.2 million Americans will be living with Alzheimer’s or other forms of dementia just seven years from now. These estimates highlight the importance of providing tailored and innovative care and support to meet the growing demand for specialized memory care services.
Business Environment | Executive Survey Insights | Market Trends | Senior Housing
By: Ryan Brooks | June 13, 2023
“A new series of questions in the May 2023 survey, suggested by April 2023 ESI survey participants, asked about the utilization of third-party referral aggregators. Of respondents who are currently using third-party aggregators, almost two-thirds (64%) successfully convert less than 25% of the third-party generated leads.
Market Trends | NIC MAP Vision | Senior Housing | occupancy
By: Omar Zahraoui | June 08, 2023
The senior housing stabilized occupancy rate for the NIC MAP Primary Markets edged up to 84.7% in the May 2023 reporting period, up 0.1 percentage points (pps) from the April 2023 reporting period on a three-month rolling basis, according to intra-quarterly NIC MAP® data, released by NIC MAP Vision. From its pandemic record low of 80.3% in June 2021, senior housing stabilized occupancy increased by 4.4pps but remained 4.7pps below pre-pandemic March 2020 levels of 89.4%.
Market Trends | Senior Housing | occupancy
By: Caroline Clapp | June 06, 2023
The senior housing sector posted a total return of 0.11% in the first quarter of 2023, up from a decline of -0.88% total return in the prior quarter. Short-term total returns for senior housing outperformed the broader NPI, which posted a total return of -1.81% in the first quarter. Positive income returns for senior housing were partially offset by negative appreciation,
By: Beth Mace | June 02, 2023
The Bureau of Labor Statistics (BLS) reported that nonfarm payrolls rose by 339,000 in May 2023, in line with the average monthly gain of 341,000 over the prior 12 months, but above the upwardly revised gain of 294,000 in April and 217,000 in March. Market expectations had called for a gain of 195,000 jobs. Of note, revisions added 93,000 positions to total payrolls in the previous two months.
NIC MAP Vision | Skilled Nursing | medicaid | medicare | occupancy
By: Bill Kauffman | June 01, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on June 1, 2023. The report includes key monthly data points from January 2012 through March 2023.
Business Environment | Economic Trends | Market Trends | NIC Leadership Huddle | Senior Housing
By: NIC | May 30, 2023
After facing down a pandemic for three years, the senior housing industry now faces a new reality—some parts good and some not so good.
Actual Rates | Business Environment | NIC MAP Vision
By: Beth Mace | May 26, 2023
Data from the recently released 1Q2023 NIC MAP Vision Actual Rates Report showed growth for asking rates was at near-record highs on a year-over-year basis for all three care segments (independent living, assisted living, and memory care) for the data contributors to this data collection. In the recently released report, monthly data of actual rates and leasing velocity are presented through March 2023, including data on rate discounting and move-in/move-out trends. Key takeaways from the report, specifically from the Segment Type report, are presented below. Care segments refer to the levels of care and services provided to a resident living in an assisted living, memory care or independent living unit.
Market Trends | NIC Spring Conference | healthcare
By: NIC | May 22, 2023
Mental health is part of physical health. If that wasn’t always obvious, it became painfully apparent during the pandemic. Isolation and loneliness can trigger anxiety and depression.
NIC MAP Data | NIC MAP Vision | Senior Housing | occupancy
By: Caroline Clapp | May 16, 2023
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-April on key senior housing data trends during the first quarter of 2023. Findings were presented by NIC Analytics research team members. Key takeaways included the following:
Market Trends | NIC Leadership Huddle | Senior Housing
By: NIC | May 15, 2023
NIC recently relaunched its popular Leadership Huddle webinar series to address today’s evolving market conditions. In the first Leadership Huddle webinar of 2023, held on May 2, NIC Chief Economist, Beth Mace, presented the NIC Blue Book, addressing current trends, challenges, and opportunities in the senior housing industry. Mace provided insights on the broader economy, inflation, Fed policy, interest rates, the potential for a recession in the next twelve months, and the current job market.
NIC MAP Data | NIC MAP Vision | Senior Housing | occupancy
By: Omar Zahraoui | May 11, 2023
According to intra-quarterly NIC MAP® data, released by NIC MAP Vision, the senior housing all-occupancy rate for the NIC MAP Primary Markets increased to 83.5% in the April 2023 reporting period, up 0.3 percentage points (pps) from the March 2023 reporting period on three-month rolling basis. From its time series low of 77.8% in June 2021, occupancy increased by 5.7pps, as evident in the exhibit below, with 20 of the 22 reporting periods showing positive gains (from June 2021 to April 2023).
Economic Trends | Market Trends | Senior Housing | Skilled Nursing
By: Omar Zahraoui and Bill Kauffman | May 10, 2023
NIC Analytics released the 4Q 2022 NIC Lending Trends Report today. The quarterly report, available complimentary to NIC constituents, includes data trends over six years for senior housing and nursing care construction loans, mini-perm/bridge loans, and permanent loans, from 3Q 2016 through 4Q 2022.
Business Environment | Economic Trends | Workforce
By: Beth Mace | May 05, 2023
The Bureau of Labor Statistics (BLS) reported that the unemployment rate slipped back to 3.4% in April from 3.5% in March. This places it at the same level as in January at 3.4%, which was its lowest level since 1969. It has been hovering in a narrow range for many months now and underscores the ongoing tightness of the labor market.
By: Ryan Brooks | May 04, 2023
“When aggregated across all care segments, one-half of responding operators (52%) report an acceleration in the pace of move-ins in April 2023. This marks the highest level of operators reporting an acceleration since April 2022, when 54% of organizations reported the pace of move-ins to be accelerating. However, this is still below the peaks experienced from April to July 2021, when approximately 60% of operators reported an acceleration in the pace of move-ins. The higher cost of debt is having an influence on organizations’ development pipeline. More than one-half of independent living operators (57%) report the higher cost of debt is having a significant impact to their development pipeline, followed by one-half of memory care (50%) and assisted living (49%) operators. Just under one-third of nursing care operators (29%) report the higher cost of debt having a significant impact on their development pipeline.”
Market Trends | Skilled Nursing | medicaid | medicare | occupancy
By: Bill Kauffman | May 04, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on May 4, 2023. The report includes key monthly data points from January 2012 through February 2023.
Ideas and Discussion | Market Trends | NIC MAP Vision | NIC Spring Conference
By: NIC | April 28, 2023
New ways to advance transparency discussed at 2023 NIC Spring Conference. Robust data and transparency continue to fuel the growth of the senior housing and care industry. Stakeholders rely on solid information to make big decisions. No one can afford guesswork.
Economic Trends | Market Trends | NIC Leadership Huddle | Senior Housing
By: Beth Mace | April 26, 2023
It’s now been a little over a year since the Federal Reserve began to increase interest rates to slow the pace of inflation and the rate of economic growth. The increase in rates has been large, and it has been fast. Short-term interest rates have gone from virtually 0% in March 2022 to 4.75% today, the most significant tightening in monetary policy since the 1980s, when then-Fed Chair Paul Volcker also increased rates to combat inflation and slow economic growth.
COVID-19 | Regulatory Environment | medicaid | medicare | telehealth
By: Ryan Brooks | April 19, 2023
Based on current COVID-19 trends, the Department of Health and Human Services is planning for the federal Public Health Emergency (PHE) for COVID-19 to expire on May 11, 2023. The impacts of the public health emergency ending will vary by state, depending on specific policies and programs that were put in place during the emergency.
Economic Trends | Executive Survey Insights | Senior Housing | Workforce
By: Ryan Brooks | April 13, 2023
“Respondents were asked what areas have been impacted by the rising interest rate environment. Recapitalizing properties was the area most reported to be affected by rising interest rates (51%), followed by the ability to purchase properties (36%). Across all care segments, less than one in ten operators (7%) indicate that the rising interest rate environment has impacted all these abilities.
By: Beth Mace | April 07, 2023
The Bureau of Labor Statistics reported that the unemployment rate slipped back to 3.5% in March from 3.6% in February, but up from 3.4% in January, which was its lowest level since 1969. It has been hovering in a narrow range for many months now. Separately, the BLS also reported that nonfarm payrolls rose by 236,000 in March 2023, below the monthly pace of 334,000 over the prior six months, but still strong. Market expectations had called for a gain of 230,000 jobs. Revisions subtracted 17,000 positions to total payrolls in the previous two months.
Ideas and Discussion | Workforce
By: NIC | April 06, 2023
Big industry awards ceremony draws former NIC board chairs and leaders.
NIC MAP Vision | Skilled Nursing | occupancy
By: Bill Kauffman | March 30, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on March 30, 2023. The report includes key monthly data points from January 2012 through January 2023.
CCRC | Market Trends | occupancy
By: Omar Zahraoui | March 23, 2023
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within not-for-profit CCRCs and for-profit CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores occupancy by payment type (entrance fee CCRCs vs. rental CCRCs) as well as regional occupancy rates by profit status (not-for-profit CCRCs vs. for-profit CCRCs) during the fourth quarter of 2022.
Capital for Operations | Ideas and Discussion | Industry Thought Leaders Series | Senior Housing
By: Fee Stubblefield | March 23, 2023
This article is the first in NIC’s Industry Thought Leaders Series, bringing insights from leaders in the field to NIC Notes readers. When I walk the halls of the NIC Conference, I see ghosts. Memories of big personalities of past large company operators are still clear in my mind. Most of those fast growth companies are gone now, but do we have clarity about the lessons they provide?
Business Environment | Economic Trends | Workforce
By: Beth Mace | March 10, 2023
The unemployment rate reversed course and rose to 3.6% in February from 3.4% in January, which was its lowest level since 1969. Separately, the U.S. Bureau of Labor Statistics also reported that nonfarm payrolls rose by 311,000 in February 2023, below the monthly pace of 343,000 over the prior six months, but still strong. Market expectations had called for a gain of less than 225,000 jobs. Revisions subtracted 34,000 positions to total payrolls in the previous two months.
Business Environment | Senior Housing | Skilled Nursing | Workforce
By: Ryan Brooks | March 10, 2023
“In a new question to the ESI, respondents were asked what areas have been impacted by the rising interest rate environment. Purchasing properties was the area most reported to be affected by rising interest rates, followed by the ability to recapitalize properties. Across all care segments, one in twelve operators (8%) indicate that their abilities to purchase, sell, and recapitalize properties have all been impacted by the rising interest rate environment.
Business Environment | Market Trends | NIC MAP Data | NIC MAP Vision | Senior Housing | occupancy
By: Omar Zahraoui | March 09, 2023
The senior housing stabilized occupancy rate for the NIC MAP Primary Markets edged up to 84.3% in the February 2023 reporting period, up 0.2 percentage point (pps) from the January 2023 reporting period on three-month rolling basis, according to intra-quarterly NIC MAP® data, released by NIC MAP Vision. From its pandemic record low of 80.3% in June 2021, senior housing stabilized occupancy increased by 4.0pps but remained 5.1pps below pre-pandemic March 2020 levels of 89.4%.
Actual Rates | NIC MAP Data | NIC MAP Vision | Senior Housing
By: Beth Mace and Omar Zahraoui | March 09, 2023
An In-Depth Analysis of NIC MAP Vision Actual Rates Data Executive Summary Through this in-depth analysis, we hope to shine a spotlight on the relationship between inflation, the pace of growth seen in-place actual rates, demand and occupancy. Actual in-place rates refer to effective rates or the rates that are “actually being paid” to live in senior housing. This is often not the same as the asking or listing rate that may be advertised or listed in a brochure.
NIC MAP Data | NIC MAP Vision | Skilled Nursing | medicaid | medicare | occupancy
By: Bill Kauffman | March 02, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on March 2, 2023. The report includes key monthly data points from January 2012 through December 2022.
Ideas and Discussion | Senior Housing
By: Ryan Brooks | March 01, 2023
The COVID-19 pandemic has been devastating for older adults in the U.S., particularly those with existing chronic medical conditions and complex health care needs. Many of the individuals most impacted by COVID-19 reside in nursing homes, a setting that accounted for at least 25% of all COVID-19 deaths. This setting is often conflated with senior housing, even though they are distinct care settings and serve different, although at times overlapping, populations.
Active Adult | Market Trends | NIC MAP Vision | Senior Housing
By: Caroline Clapp | February 28, 2023
Active adult rental properties serve older Americans who wish to live in a multifamily setting with other residents who generally are more independent and active than the residents in today’s senior housing offerings. NIC MAP Vision recently released inventory data for active adult for the fourth quarter of 2022. The analysis presented in this blog post aggregates the inventory and demographics of these active adult communities by market; calculates penetration rates within each market; and identifies where the largest concentration of inventory is located. Note that this analysis simply evaluates the supply side of the active adult market given the availability of inventory data. NIC MAP Vision is scheduled to release performance data such as occupancy and rents later in 2023, which should provide further insight into active adult demand.
Ideas and Discussion | Senior Housing | Workforce
By: NIC | February 23, 2023
Mullen and Colson Scholars Lead the Way With an assist from NIC, universities and colleges are ramping up their senior living programs helping to build a robust pipeline of new, committed industry leaders. Take, for example, Rebecca Bond. She’ll graduate this spring with a master’s degree in Management of Aging Services from the Erickson School of Aging Studies at the University of Maryland Baltimore County (UMBC).
Economic Trends | Ideas and Discussion | Market Trends | Senior Housing
By: Omar Zahraoui | February 22, 2023
INTRODUCTION Many factors play a role in determining the performance of an individual senior housing property. One of these considerations is unit mix, i.e., the share of studios, one-bedroom, or two-bedroom units within a single property. The unit mix of a senior housing property is a critical aspect of a property that must be carefully planned, managed, and executed upon. Senior housing constituents, both upstream and downstream, understand that the proper unit mix of a property is a vitally important component of maximizing occupancy and minimizing resident turnover as a resident moves through the continuum of care.
Economic Trends | Ideas and Discussion | Market Trends | occupancy
By: Beth Mace | February 21, 2023
It’s a tale of two markets and many influencing factors as we move further into 2023. The capital markets remain hostage to the Federal Reserve which continues its course of tighter monetary policy and higher interest rates. Most pundits believe this will continue through mid-year 2023 until tangible evidence emerges of decelerating inflation, and in particular service inflation. Meanwhile, market fundamentals continue to improve for senior housing, with rising occupancy rates, strong demand patterns, and limited, albeit on-going, inventory growth.
Active Adult | Ideas and Discussion | NIC Spring Conference | NIC conference
By: NIC | February 17, 2023
“The topics that are explored and discussed at great length have been very relevant. They allow me to think deeper, pose more questions, but also find other like-mind people who are in the same situations.”
Ideas and Discussion | NIC Spring Conference | NIC conference | healthcare | healthcare integration
By: Sheryl Marcet | February 15, 2023
2023 NIC Spring Conference Preview Nirav R. Shah, MD, MPH, a Senior Scholar at Stanford University’s School of Medicine and Chief Medical Officer of American Health Associates, is a leader in care innovation for older adults. Dr. Shah will share his expertise in health and healthcare as a keynote speaker at the 2023 NIC Spring Conference (March 1-3). Shah’s research focus areas include improving care for family caregivers, expanding the reach of PACE programs, and improving outcomes in nursing homes. Board-certified in Internal Medicine, Dr. Shah is a graduate of Harvard College and Yale School of Medicine, and is an elected member of the National Academy of Medicine.
Business Environment | Economic Trends | Forgotten Middle | Ideas and Discussion | Market Trends
By: Caroline Clapp | February 13, 2023
I recently had the opportunity to attend the ASHA Annual Meeting in Scottsdale, and the mood was both reflective and forward-looking.
Ideas and Discussion | Market Trends | NIC Spring Conference | NIC conference | medicare
By: NIC | February 09, 2023
2023 NIC Spring Conference Preview Forget trying to design the perfect healthcare partnership. Now’s the time to stop talking and start doing, according to Dr. Sachin Jain, CEO of SCAN Group and SCAN Health Plan, one of the nation’s largest and fastest growing not-for-profit Medicare Advantage plans.
Business Environment | Economic Trends | Market Trends | Senior Housing
By: Omar Zahraoui and Bill Kauffman | February 08, 2023
3Q 2022 NIC Lending Trends Report NIC Analytics has released the 3Q 2022 NIC Lending Trends Report. The quarterly report, available for free to NIC’s constituents, currently tracks $85.1 billion in senior housing and nursing care loans. The report includes data over six years for construction loans, mini-perm/bridge loans, and permanent loans from 3Q 2016 through 3Q 2022.
Business Environment | Economic Trends | Workforce
By: Beth Mace | February 03, 2023
The unemployment rate fell to 3.4% in January, its lowest level since 1969 and below December’s already low rate of 3.5%. Separately, the U.S. Bureau of Labor Statistics also reported that nonfarm payrolls rose by a very large 517,000 in January 2023, nearly twice as much as in December (260,000) and more than the monthly average of 401,000 in 2022. Market expectations had called for a gain of less than 200,000 jobs. Revisions added 71,000 positions to total payrolls in the previous two months. The monthly gain and revisions paint an image of a still strong labor market.
Market Trends | NIC MAP Vision | Skilled Nursing | medicaid | medicare
By: Bill Kauffman | February 02, 2023
NIC MAP Vision released its latest Skilled Nursing Monthly Report on February 2, 2023. The report includes key monthly data points from January 2012 through November 2022.
Ideas and Discussion | Market Trends | NIC Fall Conference | NIC conference | healthcare
By: NIC | February 02, 2023
Older adults choosing where they live is becoming increasingly dependent on how they want to live. Baby Boomers are determined to live with a sense of greater purpose—connected to their personal interests and those of the community around them. As part of that greater purpose, this generation is prioritizing their health and well-being. Senior housing has a significant role to play now, and in the future, to help deliver the value that residents demand.
Market Trends | NIC MAP Vision | Senior Housing
By: Caroline Clapp | January 26, 2023
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-January on key seniors housing data trends during the fourth quarter and full year 2022. Findings were presented by the NIC Analytics research team. Key takeaways included the following:
Business Environment | Market Trends | NIC Fall Conference | NIC conference
By: NIC | January 25, 2023
Who, What, When, Where, Why. Those are the five basic questions vital to information gathering. The so-called five “W’s” are also a good place for owners and operators to start as they consider how to reposition a property amid occupancy challenges, changing demographics and an aging building stock. A panel of experts tackled the big questions on repositioning during an educational session at the 2022 NIC Fall Conference. The discussion, recapped below, was led by NIC Chief Economist Beth Mace.
Business Environment | Executive Survey Insights | Skilled Nursing | assisted living | staffing
By: Ryan Brooks | January 19, 2023
“In the Wave 49 survey, respondents were asked when their organization expected to return to pre-pandemic occupancy levels. Across all care segments the most common response was for occupancy to return at some point in the first half of 2023. Independent living (52%) and memory care (53%) operators were the most optimistic respondents, with more than half anticipating their organization’s occupancy levels would return to pre-pandemic levels within the next six months.
Business Environment | Ideas and Discussion | Market Trends | NIC Fall Conference
By: NIC | January 18, 2023
Playing off the catch phrase “winter is coming,” popularized in the medieval fantasy drama Game of Thrones, senior living investors and operators should be warned that “ESG is coming.”
Market Trends | NIC Fall Conference | Skilled Nursing | medicare
By: NIC | January 12, 2023
Surprises happen. Despite plenty of headwinds—a labor shortage, challenged occupancies and rising expenses—the price of skilled nursing facilities continues to climb. The average price per bed in the third quarter of 2022 was $106,340, up from $95,657 during the same quarter in 2021, an 11% increase.
Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | January 05, 2023
Senior Housing Occupied Stock Surpasses Pre-Pandemic Level and is Now at its Highest Level Since NIC Began Reporting the Data in 2005. According to quarterly NIC MAP® data released by NIC MAP Vision, demand, as measured by the change in occupied units, continued to largely outpace new supply in fourth quarter 2022, marking its seventh consecutive quarter of positive increases, with a net absorption gain from the prior quarter of more than 8,600 units, or 1.5% for the NIC MAP Primary Markets. From its pandemic low in the first quarter of 2021, senior housing occupied stock increased by about 52,200 units and is now above its pre-pandemic 1Q 2020 level. Notably, it took seven quarters to fully recover all the senior housing units vacated during the first four quarters of the pandemic.
Actual Rates | Business Environment | NIC MAP Vision
By: Beth Mace | January 04, 2023
Data from the recently released 3Q2022 NIC MAP Vision Actual Rates Report showed growth for asking rates remained high on a year-over-year basis for all three care segments (independent living, assisted living, and memory care) for the data contributors to this data collection. In the recently released report, monthly data of actual rates and leasing velocity are presented through September 2022, including data on rate discounting and move-in/move-out trends. Key takeaways from the report, specifically from the Segment Type report, are presented below. Care segments refer to the levels of care and services provided to a resident living in an assisted living, memory care or independent living unit.
By: NIC | December 30, 2022
NIC co-founder and strategic advisor Bob Kramer joined a panel hosted by the Milken Institute to discuss innovative models that integrate housing and healthcare, enabling older adults to thrive.
COVID-19 | Market Trends | Skilled Nursing | medicaid | medicare | occupancy
By: Bill Kauffman | December 29, 2022
“The occupancy rate for skilled nursing properties increased throughout 2022. However, labor continues to be a significant challenge within the industry and some operators are unable to admit new patients due to staffing shortages.”
By: Caroline Clapp | December 28, 2022
This commentary drills deep into recent performance of the Secondary Markets, examining the overall performance and composition of the Secondary Markets in aggregate and in comparison to the Primary Markets.
Ideas and Discussion | Market Trends | NIC Fall Conference | Senior Housing
By: NIC | December 22, 2022
How to understand consumer behavior to innovate senior living. About 19 million people belong to the silent generation (born 1928-1945). They are the senior living customers of today. Compare that to the 70 million baby boomers (born 1946-1964) just starting to enter the pool of potential residents.
COVID-19 | Ideas and Discussion | Senior Housing | Skilled Nursing | healthcare
By: Caroline Clapp | December 20, 2022
Loneliness and isolation were health concerns for older adults before the pandemic and have become more so in the aftermath of the worst of the pandemic period partly due to restrictions and protocols that were put in place within seniors housing communities and health care facilities. A search for publications that mentioned “loneliness” or “isolation” and “older adult(s)” or “older people” produced a result of roughly 19,000 publications in 2013. This number climbed to more than 25,000 in 2019 and spiked to more than 40,000 and 45,000 publications in 2020 and 2021, respectively. While down to roughly 32,000 thus far in 2022 (as of December 15), the level of interest and concern remains elevated.
Business Environment | Ideas and Discussion | Workforce
By: Chuck Harry | December 16, 2022
Sharing a commitment to advancing diversity, equity, inclusion, and belonging (DEIB) in the senior living industry, Argentum, the American Seniors Housing Association (ASHA), and NIC earlier this year formed the Senior Living DEIB Coalition to empower businesses operating in and around senior living.
Business Environment | COVID-19 | Executive Survey Insights | Market Trends | Senior Housing | Skilled Nursing
By: Ryan Brooks | December 15, 2022
“Organizations reporting an increase in the pace of move-ins has held steady now for several consecutive waves. When the BA.4 and BA.5 variant surge occurred in summer of 2022, the rate dropped from more than 50% of operators reporting an increase in the pace of move-ins to the current ~40%. Operators may now be combatting what is being referred to as the ‘tripledemic’ – a collision of RSV, influenza, and COVID-19 that is sickening millions – which may be tempering move-ins. Lead volumes being reported are higher now than in most previous waves, but as noted above with the pace of move-ins holding steady, the reported increase in lead volumes is not yet materializing with move-ins." --Ryan Brooks, Senior Principal, NIC
By: Beth Mace & Caroline Clapp | December 14, 2022
The total investment return for the senior housing sector was a positive 0.59% in the third quarter of 2022. This marked the ninth consecutive quarterly gain after one quarter of pandemic-related negative returns in the second quarter of 2020 (negative 1.00%). Short-term total returns for senior housing are on par with the broader NPI, which posted a total return of 0.57% in the third quarter. Positive income returns for both the NPI and senior housing were partially offset by negative appreciation, reducing the overall investment return.
Ideas and Discussion | Market Trends | Senior Housing | Six Key Drivers | healthcare | medicare
By: Bob Kramer | December 07, 2022
Moving from Siloed to Seamless NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank advancing the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes is publishing a series detailing each key driver. View the first five installments of the "Six Key Drivers" blog series.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | December 02, 2022
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 263,000 in November 2022 and the unemployment rate remained steady at 3.7%. The November increase was roughly the same as average growth over the prior three months (282,000), but well below the year-to-date average of 392,000 and the monthly average of 562,000 seen in 2021, and higher than the average monthly gains of 164,000 seen in 2019. Market expectations had called for a gain of 200,000 jobs. Revisions subtracted 23,000 positions to total payrolls in the previous two months. The monthly gain paints an image of a still growing, but slowing, labor market.
Business Environment | Market Trends | Skilled Nursing | medicaid | medicare | occupancy
By: Bill Kauffman | December 01, 2022
“Medicaid represents over half of the revenue for skilled nursing properties. It is vital for operators and investors to pay close attention to the reimbursement trends in their states as most states do not cover the cost of care.”
Business Environment | Ideas and Discussion | NIC Fall Conference | Senior Housing
By: NIC | November 22, 2022
Experts Make the Case for Senior Housing In an uncertain economic environment, what’s an investor to do? That question was explored during two educational sessions at the 2022 NIC Fall Conference, held September 14-16, in Washington, D.C. At the session, “Why Now is a Good Time to Invest in Senior Housing,” experts mapped out the positive case for investment today, along with some timely caveats. Separately, in a lively session patterned after the popular TV game show, “Deal or No Deal,” lenders and investors took a deep dive into real transactions. The format highlighted the strategies of different investors, who revealed their “Deal or No Deal” decisions by opening a replica of the show’s iconic briefcase.
Economic Trends | Ideas and Discussion | Market Trends | Senior Housing | Workforce | staffing
By: Beth Mace | November 17, 2022
This article originally appeared in the “Emerging Trends in Real Estate® 2023” report issued by the Urban Land Institute and PwC. Data cited in article as of original publish date; more current data may be available. Major factors influencing senior housing continue to evolve. Some trends are well known while others are still developing. In 2022 and into 2023, trends for senior housing include the following:
Business Environment | Executive Survey Insights | Market Trends | Senior Housing | Skilled Nursing
By: Ryan Brooks | November 17, 2022
“Single-site operators and those with between two and nine properties were more likely to be considering product diversification, with single-site operators favoring lower acuity settings (36%) and those with between two and nine properties equally considering lower acuity (20%) and higher acuity settings (20%). With regards to expected changes to various care segments in their portfolio of properties, approximately half of respondents expect to increase the active adult (age 55+) and independent living care segments, while just under one-half (45% and 41%) anticipate increases in their assisted living and memory care segments. When asked about the contributing factors to the acceleration of move-outs, operators cite residents moving to higher levels of care as the leading cause (45%), followed by deaths (35%), resident and family member concerns (10%), natural disasters (5%), and current economic conditions (5%).”
Market Trends | NIC MAP Vision | Senior Housing | assisted living | independent living | occupancy
By: Omar Zahraoui | November 10, 2022
The all-occupancy rate for senior housing for the NIC MAP Primary Markets increased to 82.8% in the October 2022 reporting period, up 0.6 percentage point (pps) from the September 2022 reporting period on three-month rolling basis, according to intra-quarterly NIC MAP® data, released by NIC MAP Vision. From its pandemic record low of 77.9% in June 2021, senior housing all-occupancy increased by 4.9pps and is now more than halfway in the road to recovery, with a gap of 4.4pps from the pre-pandemic March 2020 level of 87.2%.
Business Environment | Market Trends | Senior Housing | Skilled Nursing
By: Omar Zahraoui and Bill Kauffman | November 09, 2022
NIC Analytics released the 2Q 2022 NIC Lending Trends Report today. The quarterly report, available for free to NIC's constituents, currently tracks $86.8 billion in senior housing and nursing care loans. The report includes data over five years for construction loans, mini-perm/bridge loans, and permanent loans from 3Q 2016 through 2Q 2022.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | November 04, 2022
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 261,000 in October 2022 and the unemployment rate rose 0.2 percentage point to 3.7%. The October increase was well below the year-to-date average of 407,000 and below the monthly average of 562,000 seen in 2021. The monthly gain paints an image of a still growing, but slowing, labor market. For perspective, in 2019, job gains averaged 164,000 per month. Revisions added 29,000 positions to total payrolls in the previous two months.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | November 03, 2022
“Occupancy has increased throughout 2022, which suggests demand for skilled nursing is growing. However, retaining adequate staff is still challenging and limits the ability to increase patient admissions.” -Bill Kauffman NIC MAP Vision released its latest Skilled Nursing Monthly Report on November 3, 2022. The report includes key monthly data points from January 2012 through August 2022.
By: NIC | November 01, 2022
Better Times Expected as Baby Boomers Start to Arrive The U.S. economy holds both upside and downside risks that will impact the senior housing and care industry in the near term. Inflation is high, labor costs are up, and the price of capital is rising. But low unemployment, moderate growth in consumer spending, and a recent uptick in GDP are relative bright spots.
Business Environment | Economic Trends | Forgotten Middle | Ideas and Discussion
By: Ryan Brooks | October 27, 2022
Building upon the groundbreaking “Forgotten Middle” study and its subsequent update, NORC at the University of Chicago recalibrated a nationally representative forecast of the 2033 middle-market population to produce estimates reflective of future California residents. The analysis revealed several key findings about the potential unmet needs of California’s middle-income seniors, including:
Market Trends | NIC MAP Vision | Senior Housing
By: Beth Mace | October 26, 2022
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-October on key seniors housing data trends during the third quarter of 2022. Findings were presented by the NIC Analytics research team. Key takeaways included the following:
Business Environment | Executive Survey Insights | Market Trends | Senior Housing | Skilled Nursing
By: Ryan Brooks | October 20, 2022
“Increased acuity of residents at move-in is being reported across all care segments, driven by delayed move-ins, but the most cited challenge facing operators – reported by more than 90% of respondents in the Wave 46 survey – is rising operator expenses. Responses to questions on property and professional liability insurance provide additional insight into that sentiment. Just under one-tenth of respondents reported the degree of staffing shortages across their organization to be severe, representing the lowest share of respondents reporting severe staffing shortages in the time this question has been asked. Though labor challenges persist, this may represent a glimmer of relief to the longstanding staffing crisis. Further, the survey results indicate that rent concessions are being offered at fewer properties now than was the case in earlier parts of 2022."
Business Environment | Ideas and Discussion | Market Trends | Senior Housing | Six Key Drivers | medicare
By: Bob Kramer | October 18, 2022
The Increasing Importance of Data and Analytics NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank advancing the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes is publishing a series detailing each key driver. View the first four installments of the "Six Key Drivers" blog series. What follows is an analysis of the fifth key driver: The Increasing Importance of Data and Analytics.
Skilled Nursing | Skilled Nursing Tracker | Workforce | staffing
By: Omar Zahraoui | October 13, 2022
With wage inflation and continued labor market challenges and shortages, skilled nursing operators and owners face steep competition relative to other industries (i.e., indirectly from other service industries such as hotels and restaurants) especially those operating in regions and states where broad labor availability is tight and employer demand is high. Additionally, amid generally low occupancy levels, skilled nursing owners and operators face challenges over the long term with new and proposed staffing mandates and requirements.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | October 07, 2022
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 263,000 in September 2022 and the unemployment rate fell back to its July level of 3.5%. The September increase was well below the year-to-date average of 420,000 and below the monthly average of 562,000 seen in 2021. The monthly gain paints an image of a still growing, but slowing, job market. Revisions added 11,000 positions to total payrolls in the previous two months.
Business Environment | Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | October 06, 2022
According to quarterly NIC MAP® data, released by NIC MAP Vision, demand, as measured by the change in occupied units, largely outpaced new supply while marking its sixth consecutive quarter of positive increases, with a net absorption gain from the prior quarter of more than 8,700 units, or 1.6% for the NIC MAP Primary Markets. This advance pushed the share of senior housing units vacated during the pandemic that have been re-occupied to near-full recovery (95%). If this pace of demand growth continues into the next quarter, senior housing may soon start filling new inventory added during the pandemic, on a net basis.
Active Adult | Ideas and Discussion | NIC Fall Conference
By: NIC | October 06, 2022
Senior housing and care’s premier event delivered on three days of connections, learning, and engagement. Bringing together more than 2,800 industry participants, the 2022 NIC Fall Conference surpassed turnout expectations as attendees explored the near-term challenges of the senior housing and care sector, and the long-term opportunities as a demographic wave of older adults begins to arrive. The Conference was held September 14-16 at the Marriott Marquis in Washington, D.C. Highlights included:
Market Trends | Skilled Nursing | medicaid | medicare
By: Bill Kauffman | September 29, 2022
“In addition to managing occupancy and staffing challenges, skilled nursing operators need to be laser-focused on reimbursement at the state level as Medicaid represents 51% of revenue.”
Executive Survey Insights | Market Trends | Workforce
By: Ryan Brooks | September 23, 2022
“Just under one-fifth of respondents noted that the severity of staffing shortages across their organization was severe, while two-thirds indicated the problem was moderate. Regarding tenure of newly hired, full-time employees, on average, just under one-third (29%) of organizations kept more than 80% of new staff on the job after one month, which is down from the Wave 39 survey, conducted in March 2022, when just under one-half (46%) of respondents kept more than 80% on the job after one month.
Ideas and Discussion | NIC Fall Conference
By: NIC | September 20, 2022
An inaugural Women’s Networking Meetup was held last week at the 2022 NIC Fall Conference in Washington, D.C., co-sponsored by ASHA, Argentum’s Women in Leadership, the Senior Housing Women’s Initiative, and NIC. The gathering was designed to support women who remain underrepresented in senior living and allow them to get to know and support each other.
Senior Housing | Skilled Nursing | healthcare
By: Ryan Brooks | September 14, 2022
Understanding the healthcare needs of residents of senior housing communities and nursing homes is imperative to best serve the population. In order to garner a better understanding of these healthcare needs and associated spending, NORC at the University of Chicago on behalf of NIC conducted a landmark study. Many residents use high-cost healthcare services including emergency rooms, acute inpatient hospitalization, and post-acute care, and across nearly every dimension analyzed, the data indicates frail and high healthcare cost residents. These factors all highlight an opportunity for value-based care organizations to partner with senior housing and skilled nursing operators.
Business Environment | COVID-19 | Ideas and Discussion | Workforce
By: NIC | September 13, 2022
A Conversation with Paychex Executives Amid a workforce shortage, companies are looking for effective strategies to recruit and retain the best workers. Solutions start with the recognition that the workforce itself is changing.
Economic Trends | NIC MAP Vision | Senior Housing | occupancy
By: Omar Zahraoui | September 12, 2022
During four consecutive quarters of increasing occupancy, from 78.0% in the second quarter of 2021 to 81.4% in the second quarter of 2022, the NIC MAP® Primary Markets recovered about 37% of the senior housing occupancy lost during the pandemic, equivalent to 3.4 percentage points (pps) overall.
Active Adult | Business Environment | Economic Trends | Ideas and Discussion
By: NIC | September 09, 2022
This week, NIC released a white paper on the active adult rental property type to give potential investors valuable information about this emerging segment’s characteristics and potential residents.
Business Environment | Ideas and Discussion | Market Trends | Senior Housing | Six Key Drivers | healthcare | medicare | telehealth
By: Bob Kramer | September 08, 2022
Reframing Health and Healthcare NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank advancing the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes is publishing a bi-weekly series detailing each key driver. View the first three installments of the "Six Key Drivers" blog series. What follows is an analysis of the fourth key driver: Reframing Health and Healthcare. Our new customers, as discussed in Key Driver #3, have a different take on longevity. They are not content to just live longer, they want to live better. They want their lifespan to as nearly as possible to match their “healthspan” or “wellspan.”
Actual Rates | Economic Trends | NIC MAP Vision | Senior Housing
By: Anne Standish | September 06, 2022
Data from the recently released 2Q2022 NIC MAP Vision Actual Rates Report showed that for the sample of Actual Rates data contributors, all three care segments (independent living, assisted living, and memory care) hit record high year over year growth of asking rates for the second quarter in a row. In the recently released report, monthly data of actual rates and leasing velocity are presented through June 2022, including data on rate discounting and move-in/move-out trends. Read on for further key takeaways from the recently released report.
Market Trends | Skilled Nursing | medicare
By: Bill Kauffman | September 01, 2022
“Given the challenges on multiple fronts for skilled nursing operators, recruiting and retaining staff is a number one priority. Operators must build a culture that supports and strengthens their staff”
Active Adult | Business Environment | Ideas and Discussion | NIC Fall Conference
By: NIC | August 31, 2022
Thinking of investing in, developing, or operating an active adult project? Here are some do’s and don’ts from experienced experts.
Executive Survey Insights | Market Trends | Workforce
By: Ryan Brooks | August 25, 2022
Rising operating expenses now surpass staffing challenges as the most frequently cited response to the question from Wave 44 which asks about “the biggest challenge facing my organization today.” Employee turnover and attracting community and caregiving staff (which have traditionally been cited as the top challenges among survey respondents) are now coming in as the 2nd and 3rd biggest challenges organizations are confronted with. That said, a promising sign of relief to the long-standing labor market issues may be that 15% of responding organizations anticipate their staffing challenges will improve in the second half of 2022 and half of respondents (47%) anticipate their staffing challenges will improve in the first half of 2023.
Business Environment | Ideas and Discussion | Market Trends | Senior Housing | Six Key Drivers
By: Bob Kramer | August 23, 2022
A New Customer Arrives NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank to advance the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes is publishing a bi-weekly series detailing each key driver. View the first three installments of the "Six Key Driver" blog series. What follows is an analysis of the third key driver: a new customer.
Business Environment | CCRC | Market Trends | NIC MAP Vision | Senior Housing
By: Omar Zahraoui | August 18, 2022
The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within CCRCs and non-CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also highlights occupancy by payment type (entrance fee CCRCs vs. rental CCRCs), and the relative performance of for-profit CCRCs and not-for-profit CCRCs during the second quarter of 2022—by region.
Business Environment | Ideas and Discussion | Market Trends | Senior Housing | Skilled Nursing | healthcare
By: NIC | August 16, 2022
It’s simple, right? Increase revenue or decrease expenses. Those are the two ways to boost net operating income (NOI). Ideally, senior housing and skilled nursing operators can do both.
Business Environment | Market Trends | Senior Housing | Skilled Nursing
By: Anne Standish | August 10, 2022
NIC Analytics released the 1Q2022 NIC Lending Trends Report today. The quarterly report, available for free to NIC’s constituents, currently tracks $86.5 billion in senior housing and nursing care loans. The report includes data for over five years of construction loans, mini-perm/bridge loans, and permanent loans from 3Q2016 through 1Q2022.
Business Environment | Ideas and Discussion | Senior Housing | Six Key Drivers | Workforce
By: Bob Kramer | August 09, 2022
The Endemic Staffing Crisis NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank to advance the well-being of older adults through innovative models of housing, community, and healthcare. NIC Notes is publishing a bi-weekly series detailing each key driver. View the first two installments. What follows is an analysis of the second key driver: the workforce.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | August 04, 2022
“Skilled nursing occupancy held steady in May, as operators still confront a challenging operating landscape amidst high inflation and staffing challenges.” - Bill Kauffman NIC MAP Vision released its latest Skilled Nursing Monthly Report on August 4, 2022. The report includes key monthly data points from January 2012 through May 2022.
Market Trends | NIC MAP Vision | Senior Housing
By: Beth Mace | August 04, 2022
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-July on key seniors housing data trends during the second quarter of 2022. Findings were presented by the NIC Analytics research team. Here are key takeaways from the data release.
COVID-19 | Executive Survey Insights | Senior Housing
By: Ryan Brooks | July 28, 2022
In a new question in the Wave 43 survey, suggested by Wave 42 participants, respondents were asked how their organizations’ property insurance and professional liability insurance have changed, as compared with before the pandemic started. Across all care segments – independent living, assisted living, memory care, and nursing care – about 50% indicated their professional liability insurance has increased slightly, with an additional 30% of nursing care respondents indicating it has increased significantly. The findings are similar for property insurance, with approximately 50% indicating property insurance has increased slightly and between one-quarter and one-third indicating property insurance has increased significantly. Among the reasons cited for the increases are lack of competition in local markets, COVID concerns and litigation, increased frequency of natural disasters, and a nationwide increase in frequency and severity of claims.
Market Trends | Skilled Nursing | medicare
By: Bill Kauffman | July 27, 2022
Over the past couple years skilled nursing properties have continued to see strong interest from investors in the sector. This has contributed to skilled nursing valuations becoming what some deem as elevated. However, others might argue differently. Regarding the overall skilled nursing market, many continue to see steady demand trends as the industry passes the inflection point where the growth of the senior population accelerates, and more people with higher acuity levels need care. There are headwinds as we are all aware, including the risk of Medicare reimbursement cuts, low occupancy rates, chronic underfunding of Medicaid reimbursement in many states, a staffing crisis, and ongoing elevated inflation including wage rate growth. Given the challenges that are present, why has skilled nursing property price per bed increased?
Business Environment | Ideas and Discussion | Senior Housing | Six Key Drivers
By: Bob Kramer | July 26, 2022
The COVID-19 Pandemic. NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank to advance the well-being of older adults through innovative models of housing, community, and healthcare. NIC Notes will publish a bi-weekly series detailing each key driver. View the introduction to the series. What follows is an analysis of the first key driver: the pandemic.
Business Environment | Ideas and Discussion | Senior Housing
By: Beth Mattson-Teig | July 22, 2022
Fundamentals continue to improve, but rising costs, inflation and interest rate hikes are tempering enthusiasm even as seniors housing continues to bounce back from COVID-induced disruptions. This article was originally published on WealthManagement.com.
Senior Housing | Skilled Nursing | Workforce
By: Omar Zahraoui | July 22, 2022
2021 Occupational Employment and Wage Statistics: Labor Concentration and Complimentary State Level Report. In a NIC Notes blog published June 23, 2022, NIC Analytics examined jobs in the skilled nursing and senior housing sectors by looking at employment patterns since March 2020. The analysis included insights on workforce contraction and recovery in the sectors, as well as wage increases, compared with other adjacent healthcare industry groups. The blog provided context on jobs and wages for all employees within select healthcare industry groups.
Ideas and Discussion | NIC Leadership Huddle | Workforce
By: NIC | July 15, 2022
The senior housing and care sector is constantly evolving, but fresh industry, economic, and societal pressures force owners and operators to be nimbler than ever to thrive. On July 13, NIC hosted its final Leadership Huddle of 2022 – Chris Taylor, managing director of Capital One Healthcare Real Estate led the conversation between senior living experts Cindy Baier, CEO of Brookdale Living, and Kimberly Lody, CEO of Sonida Senior Living, to explore how leaders can navigate change and utilize it to improve their organizations.
Business Environment | Ideas and Discussion | Senior Housing | Six Key Drivers
By: Bob Kramer | July 12, 2022
NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank to advance the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes will publish a bi-weekly series detailing each key driver. What follows is an introduction to the series. What will the senior housing and care environment look like in 2032? It’s a question that has broad implications for the decisions we make today.
Market Trends | NIC MAP Vision
By: Omar Zahraoui | July 08, 2022
Senior housing occupied units vacated during the pandemic are on track for full recovery, across both the NIC MAP Primary Markets and the NIC MAP Secondary Markets. Senior housing occupancy bouncing back but remains far below pre-pandemic March 2020 levels. The senior housing market continued to experience a high acuity trend, with occupancy for majority assisted living properties recovering relatively fast compared with majority independent living properties. According to just released quarterly NIC MAP Vision data, the recovery for senior housing regained pace in the second quarter of 2022 after the momentum weakened in the prior quarter due to the Omicron variant. The graphs below depict the recovery progress for senior housing demand and occupancy for both the NIC MAP Primary Markets (Primary Markets) and the NIC MAP Secondary Markets (Secondary Markets).
Economic Trends | Senior Housing | Workforce
By: Beth Mace | July 08, 2022
The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 372,000 in June 2022 and the unemployment rate held steady at 3.6%. The June increase was in line with the average monthly gain over the prior three months (383,000). Revisions subtracted 72,000 to total payrolls in the previous two months. The market consensus had been for a gain of 268,000.
Business Environment | Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | June 30, 2022
“After increasing in February and March, occupancy was flat in April. Labor is still a serious challenge within the industry and some operators are still unable to admit new patients due to staffing shortages.”
COVID-19 | Executive Survey Insights | Senior Housing
By: Ryan Brooks | June 30, 2022
With the highly contagious omicron variant seemingly behind us and senior housing occupancy recovery continuing for the third consecutive quarter through Q1 2022, there is waning optimism regarding operating margins. In the Wave 42 survey, almost 60% of survey respondents expect margins to increase in the next six months, although this is down from 75% of respondents in the Wave 38 survey. Rising operating expenses limit the degree to which operating margins will grow in the next six months. Staffing challenges remain top of mind. Only 20% of respondents indicate that staffing challenges will improve in the next year, while 20% indicate it will take until 2024 to see improvement, and 30% signal staffing issues will not improve until 2025 or later. The most effective method cited for attracting new community staff is increasing wages (65%), followed by flexible schedules (15%), and hiring bonuses (5%). Staffing and a slowdown in lead conversions are affecting the pace of move-ins, which slowed for memory care and nursing care properties, but remained consistent for assisted living and independent living properties.
Market Trends | Skilled Nursing
By: Omar Zahraoui | June 23, 2022
The impacts of the pandemic and resulting workforce contraction affected healthcare industries differently. Nursing care facilities, continuing care retirement communities (CCRCs), and assisted living properties have experienced a longer workforce contraction compared with other adjacent healthcare industries.
Business Environment | Regulatory Environment | Skilled Nursing
By: Bill Kauffman | June 16, 2022
Today, ATI Advisory released a research paper, commissioned by NIC, that is a resource for skilled nursing stakeholders, including policymakers. The COVID-19 pandemic reminded our country of the persistent weaknesses of the long-term care system and NIC believes that a study providing the facts — both past and present — would be of tremendous value to stakeholders and is aligned with NIC’s mission of providing access and choice.
Business Environment | Economic Trends | Senior Housing
By: Beth Mace | June 15, 2022
NCREIF Performance Report Q1 2022 The total investment return for the senior housing sector was a positive 1.08% in the first quarter of 2022. This marked the seventh consecutive quarterly gain after one quarter of pandemic-related negative returns in the second quarter of 2020 (negative 1.00%). Short-term total returns for senior housing remain low compared with the broader NPI, which saw total returns of 5.33% in the first quarter. Appreciation returns for the NPI dwarf those of senior housing, as the NPI was boosted in part by outsized returns in industrial properties (10.96%). Many investors have reduced their appreciation expectations for seniors housing as the impact of the coronavirus has weighed heavily on their view of the sector.
Market Trends | Senior Housing | Skilled Nursing
By: Anne Standish and Beth Mace | June 15, 2022
Introduction. An inquiry the NIC Analytics team frequently receives is “How much senior housing inventory exists in the United States?” To answer this question, the NIC Analytics team has historically generated estimates of the United States’ national supply of senior housing and nursing care and published those estimates in the biennial editions of the NIC Investment Guide. Now, however, industry stakeholders no longer need to wait for new releases of the NIC Investment Guide for national supply estimates because NIC MAP Vision, an affiliate of NIC, offers subscribers quarterly supply estimates for the entire U.S. (with more detailed data dependent upon subscription level).
Ideas and Discussion | Market Trends | Skilled Nursing
By: Bill Kauffman | June 13, 2022
The skilled nursing industry is currently facing numerous challenges, but many operators do see long-term opportunities as the growth of the senior population accelerates and skilled nursing properties will be the only option for many higher acuity patients given the current long-term care infrastructure in the country.
NIC Leadership Huddle | Senior Housing | Skilled Nursing
By: NIC | June 10, 2022
“It’s a very exciting time in the senior housing industry, as the sector continues to mature and product offerings become increasingly differentiated,” said Beth Mace, chief economist and director of outreach at NIC, kicking off the third Leadership Huddle of 2022.
Market Trends | NIC MAP Vision | Senior Housing
By: Anne Standish | June 08, 2022
Data from the recently released 1Q2022 NIC MAP Vision Actual Rates Report shows that all three care segments (independent living, assisted living, and memory care) hit the recorded highs in the time series to date for year-over-year growth of asking rates in the first quarter 2022. The report includes monthly data of actual rates and leasing velocity through March 2022, including data on rate discounting and move-in/move-out trends. Read on for further key takeaways from the report produced by NIC MAP® Data Service, powered by NIC MAP Vision.
COVID-19 | Market Trends | Skilled Nursing
By: Beth Mace and Omar Zahraoui | June 06, 2022
A recent NIC Notes blog titled “Market Fundamentals Amid Challenging Time for Skilled Nursing” published by NIC Analytics, evaluated supply and demand dynamics for freestanding skilled nursing properties within the 31 NIC MAP Primary Markets (Primary Markets) aggregate since 2017, and examined property-level occupancy distribution to get a better understanding of how widespread the effects of the pandemic have been.
By: Beth Mace | June 03, 2022
The Labor Department reported that nonfarm payrolls rose by 390,000 in May 2022 and the unemployment rate held steady at 3.6%. The report confirms that the labor market remains strong, despite the war in Ukraine and on-going supply-chain pressures. Concerns about rising wage costs and inflation are also supported by this report. Average hourly earnings for all employees on private nonfarm payrolls rose by $0.10 in May to $31.95. This was a gain of 5.2% from year-earlier levels but was less than the 5.5% gain seen in April.
Market Trends | NIC MAP Vision | Skilled Nursing
By: Bill Kauffman | June 02, 2022
“Demand for skilled nursing seemingly is rising as occupancy has now increased steadily since January and COVID-19 cases declined from January to March.”
Business Environment | COVID-19 | Executive Survey Insights | Market Trends
By: Ryan Brooks | June 02, 2022
In a new question in the Wave 41 survey, respondents were asked whether they found the acuity of new resident move-ins to have increased, decreased, or stayed the same as compared to before the pandemic. Significantly, move-in acuity has increased for 71% of the respondents with assisted living, and for more than 60% of respondents with memory care units and nursing care beds. In independent living settings, 41% of respondents report acuity having increased since before the pandemic. The shares of organizations reporting acceleration in nursing care move-ins continued to increase – from 21% in Wave 37 conducted in January 2022 to 68% in Wave 41. This marks the fourth consecutive wave where the pace of nursing care move-ins has increased from the prior wave. Over one-half of respondents to the Wave 41 survey (53%) reported lead volumes above pre-pandemic levels in May – a noteworthy increase from the Wave 38 survey reflecting results in February (33%).
Business Environment | Economic Trends | Ideas and Discussion | Market Trends | NIC Leadership Huddle
By: NIC | May 27, 2022
NIC’s 2022 Leadership Huddle series continued May 25 with a deep dive into real estate market trends and an outlook on economic forces. Beth Mace, chief economist and director of outreach at NIC, was joined by Mike Acton, managing director of AEW Capital Management, and Mary Ludgin, head of Global Investment Research at Heitman, to discuss navigating federal monetary policy shifts, investment strategies amid record inflation, and opportunities in senior housing segmentation.
Ideas and Discussion | NIC Spring Conference | healthcare
By: NIC | May 26, 2022
Solid partnerships with high-quality healthcare and ancillary service providers can help create better resident outcomes, longer length of stay, and added revenue streams. But what’s the best way to establish and manage a network of providers in a fragmented care system?
COVID-19 | Skilled Nursing | Skilled Nursing Tracker | Workforce
By: Omar Zahraoui | May 25, 2022
NIC's Skilled Nursing COVID-19 Tracker, featuring the most up-to-date CMS data,* shows that rates of new COVID-19 infections in skilled nursing facilities are rising once again for both residents and staff.
Ideas and Discussion | Senior Housing | Skilled Nursing | Workforce
By: NIC | May 19, 2022
Here are some actionable insights. Amid an industry-wide frustration with an exceptionally tight labor market and quickly rising wages, new approaches to recruit and retain good workers were detailed at the 2022 NIC Spring Conference in Dallas. The session, “Fostering Meaningful Engagement: Industry Staffing and Labor Needs,” included presentations by four experts followed by a brainstorming session for industry stakeholders to share ideas on effective strategies.
NIC Leadership Huddle | Senior Housing | Skilled Nursing
By: NIC | May 18, 2022
NIC Leadership Huddles returned on May 11 with a timely focus on the state of senior housing and skilled nursing and the path to recovery. Beth Mace, chief economist and director of outreach at NIC, Brian Beckwith, chief executive officer of Arcus Healthcare Partners, and Craig D. Hanson, chief executive officer of Omega Senior Living, shared insights on potential regulatory changes, market activity, and ongoing workforce and occupancy challenges that continue to impact owners, operators, and investors. Join the Next Complimentary NIC Leadership Huddle Prominent Real Estate Research Directors Discuss Market Trends and the Economic Outlook May 25, 2022 at 1:00 PM ET
Market Trends | NIC MAP Vision | Skilled Nursing
By: Omar Zahraoui | May 13, 2022
It is no surprise that the COVID-19 pandemic had a tremendous impact on skilled nursing occupancy. But what exactly happened? This article provides the insights on supply and demand dynamics and the disparities between property level occupancy rates for freestanding skilled nursing properties.
Market Trends | Senior Housing | Skilled Nursing
By: Anne Standish | May 12, 2022
The recently released 4Q2021 NIC Lending Trends Report report shows issuance of new mini-perm/bridge loans for senior housing hit a recorded high in the time series in fourth quarter 2021, while the issuance of permanent senior housing loans moderated. This may suggest that some lenders are more comfortable with the lower-risk shorter-term nature of mini-perm/bridge loans as some senior housing operators build occupancy and demonstrate a longer performance track record.
Business Environment | Senior Housing
By: NIC | May 11, 2022
2022 NIC Spring Conference Session: “Debt & Equity Trends in Senior Living.” With the Federal Reserve taking aggressive steps to curb inflation by raising interest rates through several hikes, senior living stakeholders are sizing up the possibilities of a slowing economy and higher debt costs. The labor shortage is another big concern.
By: Beth Mace | May 06, 2022
The Labor Department reported that nonfarm payrolls rose by 428,000 in April 2022 and the unemployment rate held steady at 3.6%. The report confirms that the labor market remains resilient, despite the war in Ukraine and on-going supply-chain pressures. Concerns about rising wage costs and inflation are also backed by this report. Average hourly earnings for all employees on private nonfarm payrolls rose by $0.13 in April to $31.85. This was a gain of 5.5% from year-earlier levels, just slightly less than the 5.6% gain seen in March. The data shows that the labor market continues to gain momentum and wage growth is accelerating. The report strengthens the Federal Reserve’s intention of raising interest rates further following the 0.50 percentage point hike in the fed funds rate announced earlier this week.
