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.
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%.
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.
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.