The NIC MAPĀ® Data Service recently released national monthly data through September 2019 for actual rates and leasing velocity. The NIC Actual Rates initiative is driven by the need to continually increase transparency in the seniors housing sector and achieve greater parity to data that is available in other real estate asset types. Having access to accurate data on the monthly rates that a seniors housing resident pays as compared to asking rates helps NIC achieve this goal.
Key takeaways from the 3Q2019 Seniors Housing Actual Rates Report by Property Type include:
This Seniors Housing Actual Rates Report provides aggregate national data from approximately 300,000 units within more than 2,500 properties across the U.S. operated by 25 to 30 seniors housing providers. The operators included in the current sample tend to be larger, professionally managed, and investment-grade operators as we currently require participating operators to manage 5 or more properties. Note that this monthly time series is comprised of end-of-month data for each respective month.
This quarter, NIC is also providing clients access to the Seniors Housing Actual Rates Report by care segment. Care segment type refers to each part or section of a property that provides a specific level of service, i.e., independent living, assisted living or memory care. In addition, care segment actual rates data is also available for the Atlanta metropolitan market.
Additional Data Available in 4Q 2019
Beginning in 4Q 2019, NIC is now providing clients access to the Seniors Housing Actual Rates Report by care segment. Care segment type refers to each part or section of a property that provides a specific level of service, i.e., independent living, assisted living or memory care. In addition, care segment actual rates data is also now available for the Atlanta metropolitan market.
NIC is prioritizing the roll-out of the reported metropolitan markets for the Actual Rates data based on the participation rates of local seniors housing operators, with the Atlanta metropolitan market the first available market.
Additional metropolitan areas will be added in the future as NIC collects additional data and grows the sample size to be large enough to release data at the metropolitan area level. Toward that end, NIC is now partnering with leading software providers including Yardi, PointClickCare and MatrixCare to facilitate data contribution to the Actual Rates initiative for operators. NIC appreciates our partnerships with these software providers and our data contributors and their work in achieving standardized data reporting.
If you are an operator or a software provider interested in how you can contribute to the Actual Rates initiative, please contact Brian Connolly at bconnolly@nic.org.