NIC Notes

Insights in Seniors Housing & Care

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

Rising Construction Durations in Senior Housing: Beyond the Pandemic Effect

By: Omar Zahraoui  |  December 18, 2023

The construction of senior housing communities has faced a myriad of challenges in recent years, evidenced by a marked decline in construction starts and extended construction durations. These challenges have been apparent since the onset of the COVID-19 pandemic, and have been further compounded by labor shortages, a lack of building materials, and inflation. Additionally, the quick and large rise in interest rates orchestrated by the Federal Reserve has led to higher construction financing costs, limited availability of debt, and increased development costs. These combined factors have prolonged the time it takes to bring a senior housing project from the planning stages to the construction phase and eventually to its final delivery and eventual opening.

Actual Rates  |  Market Trends  |  NIC MAP Vision  |  Senior Housing

Key Takeaways from Third Quarter 2023 NIC MAP Vision Actual Rates Report

By: Omar Zahraoui  |  December 15, 2023

Data from the recently released 3Q 2023 NIC MAP Vision Actual Rates Report showed that the pace of growth in all rates for all care segments (independent living, assisted living, and memory care) maintained near record highs observed since the onset of 2023 for the data contributors to this data collection. In the recently released report, monthly data of actual rates and leasing velocity are presented

CCRC  |  Market Trends  |  NIC MAP Vision

CCRC Performance 3Q 2023: Strong Market Fundamentals

By: Omar Zahraoui  |  December 06, 2023

The following analysis examines occupancy and year-over-year changes in inventory, and same-store asking rent growth—by care segment—within CCRCs and non-CCRCs in the 99 combined NIC MAP Primary and Secondary Markets. The analysis also explores the distribution of units in CCRCs and non-CCRCs by year of opening as well as regional occupancy rates by profit status (not-for-profit CCRCs vs. for-profit CCRCs) and payment type (entrance fee CCRCs vs. rental CCRCs) during the third quarter of 2023.