NIC Notes

Insights in Seniors Housing & Care


By: Omar Zahraoui  |  September 08, 2023

Key Takeaways from the 2Q 2023 NIC MAP Vision Actual Rates Report

Actual Rates  |  Business Environment  |  NIC MAP Vision

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.  

The year-over-year pace of growth in all rates for all care segments reached near record highs. 

  • At 9.8% in June 2023, year-over-year asking rate growth for the independent living care segment was the strongest pace of the three rate categories. Separately, in-place rates were up by 9.4% from year-earlier levels, and initial or move-in rates were up by 8.0%. These were nearly the highest rates of growth in the time series for these rates, except for January 2022, when many rates rose with lease renewals and annual adjustments.  
  • For assisted living, growth in asking rates was a very high 10.6% in May 2023, the largest year-over-year increase in the time series. June gains decelerated only modestly to 9.7%. Initial rates were also quite high at 9.9%. In-place rents were also strong at 9.1% in June from year-earlier levels.  
  • Of the three tracked memory care rate categories (in-place, asking and initial/move-in), the fastest pace of growth occurred for in-place rates, which were up by 9.2% from year-earlier levels in June 2023. Asking rates were up by 8.5% from year-earlier levels in June 2023 and initial rates were up by 8.1%.  

Discounts are highest in the independent living care segment. 

  • Discounts between asking rates and move-in rates (initial rates) within the independent living segment rose to 1.4 months in June, the highest on record, but have hovered between 1.0 months and 1.3 months on an annualized basis since February 2022. The June discount was the equivalent of $463 (1.4 months). Compared with asking rates, in-place rates had a 0.6 month annualized equivalent discount, near its past 11-month average.

The pace of move-ins generally strengthened during the second quarter of 2023 for assisted living, independent living, and memory care.  

  • Move-ins generally exceeded move-outs for independent living segments since May 2023, after four months of move-ins being weaker than move-outs.  
  • Move-ins for assisted living segments averaged 3.4% of inventory in June 2023, and have averaged 3.4% of inventory since March 2021. At its lowest point in the early months of the pandemic, move-ins averaged 1.1% of inventory in April 2020.  



Additional key takeaways are available to NIC MAP Vision subscribers in the full report. 

NIC MAP Vision continues to work to onboard new data contributors and is dedicated to reporting more metros. It is only with the support of Actual Rates data contributors and officially certified Actual Rates software partners that expanded metro-level reporting is now available. For more information on which metropolitan markets are now available to NIC MAP Vision subscribers, please contact a product expert at NIC MAP Vision today.  

About the Report 

The NIC MAP Vision Seniors Housing Actual Rates Report provides aggregate national data from approximately 300,000 units within more than 2,700 properties across the U.S. operated by 35 to 40 senior 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, and that the set of properties included in each month’s data set is subject to change. The sample is not “same store,” and occupancy is inclusive of newly opened properties in lease-up. NIC MAP Vision is working on including same-store rate metrics in a future release. 

Interested in Participating? 

The Actual Rates Data Initiative is an effort to expand senior housing data and we are looking for operators who have five or more properties to participate. NIC MAP Vision has expertise in extracting data from industry leading software systems, such as Yardi, PointClickCare, Alis, MatrixCare, Glennis Solutions, Vitals, Move-N, and Eldermark and can facilitate the process for you.  

Operators contributing data to the actual rates report receive a complimentary report which allows them to compare their own data against national and metropolitan market benchmarks. In addition to receiving a complimentary report, your organization benefits through: 

  • More informed benchmarking, strategic planning, and day-to-day business operations, 
  • Increased transparency, aligning with other commercial real estate assets in terms of data availability, 
  • Saved time, Actual Rates data is collected electronically directly from operators’ corporate offices, removing the need for telephone calls to individual properties, and 
  • Enhanced investment and efficiency across the sector. 

Visit NIC Map Vision's website for more information. 


About Omar Zahraoui

Omar Zahraoui, Principal at the National Investment Center for Seniors Housing & Care (NIC), is a seniors housing research professional with expertise in providing quantitative analysis and insights on seniors housing & care market data; building new products and reporting capabilities, including dashboards and proformas for clients and internal stakeholders; and implementing new processes and data solutions. Prior to his current role, Zahraoui worked as a data analyst, at Calpine Corporation, supporting the development of new-business strategy initiatives, analyzing sales and financial data, and developing statistical modeling of consumers’ behaviors to drive business performance. Zahraoui holds a Bachelor’s degree in Business Administration with concentrations in Finance and Management, a Master in Corporate Finance from IAE Lyon School of Management at Jean Moulin Lyon III University in France, and a Master of Science in Management Information Systems and Data Analytics from Pace University.

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