NIC Notes

Insights in Seniors Housing & Care

Business Environment  |  Market Trends  |  NIC MAP Data  |  NIC MAP Vision  |  Senior Housing  |  occupancy

Inventory Slowdowns, Senior Housing Stabilized Occupancy Increased

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%.

Economic Trends  |  Ideas and Discussion  |  Market Trends  |  Senior Housing

Senior Housing Unit Mix: An Important Factor for Better Performance

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.

Market Trends  |  NIC MAP Vision  |  Senior Housing

Senior Housing Occupancy at 83%: Six Quarters of Uninterrupted Gains

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

Senior Housing Occupancy Rate Over Halfway Back to Pre-Pandemic Level

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%.

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