Weekly virus cases among residents and staff within skilled nursing facilities (SNFs) had been somewhat steady since the vaccine rollout in December 2020. However, the fast-spreading omicron variant has changed the narrative once again and prompted worries around worsening staffing shortages. SNFs are once again faced with rising COVID-19 cases among both residents and staff on top of a reportedly bad flu season compared with 2020.
Senior Living investors and operators discuss innovative approaches. The pandemic has been a stress test like no other for owners, operators, and lenders alike. Lessons have been learned. But what’s the best way to align incentives among the stakeholders for success going forward?
The Labor Department reported that the jobless rate fell 0.3 percentage point to 3.9% in December, down 2.8 percentage points from year-earlier levels. The jobless rate is now 0.4 percentage points above the pre-pandemic level of 3.5% seen in February 2020, and well below the 14.7% peak seen in April 2020.
Since the start of the pandemic, senior housing properties have all experienced wide-ranging pandemic-related challenges, but the depth of the demand contraction has differed across markets. As senior housing demand began to recover in the second quarter of 2021 and registered its strongest increase the following quarter (3Q2021), NIC MAP® data, powered by NIC MAP Vision, shows that certain markets are recovering quickly, while others continue to lag. Due to the skewed pandemic impact the sector has experienced, the demand recovery paths and timelines are proving to be uneven across both markets and properties.