NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-July on key seniors housing data trends during the second quarter of 2022. Findings were presented by the NIC Analytics research team. Here are key takeaways from the data release.
Senior housing occupied units vacated during the pandemic are on track for full recovery, across both the NIC MAP Primary Markets and the NIC MAP Secondary Markets. Senior housing occupancy bouncing back but remains far below pre-pandemic March 2020 levels. The senior housing market continued to experience a high acuity trend, with occupancy for majority assisted living properties recovering relatively fast compared with majority independent living properties. According to just released quarterly NIC MAP Vision data, the recovery for senior housing regained pace in the second quarter of 2022 after the momentum weakened in the prior quarter due to the Omicron variant. The graphs below depict the recovery progress for senior housing demand and occupancy for both the NIC MAP Primary Markets (Primary Markets) and the NIC MAP Secondary Markets (Secondary Markets).
“After increasing in February and March, occupancy was flat in April. Labor is still a serious challenge within the industry and some operators are still unable to admit new patients due to staffing shortages.”
Data from the recently released 1Q2022 NIC MAP Vision Actual Rates Report shows that all three care segments (independent living, assisted living, and memory care) hit the recorded highs in the time series to date for year-over-year growth of asking rates in the first quarter 2022. The report includes monthly data of actual rates and leasing velocity through March 2022, including data on rate discounting and move-in/move-out trends. Read on for further key takeaways from the report produced by NIC MAP® Data Service, powered by NIC MAP Vision.