Data from the recently released 1Q2023 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 March 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.
NIC MAP Vision clients, with access to NIC MAP® data, attended a webinar in mid-April on key senior housing data trends during the first quarter of 2023. Findings were presented by NIC Analytics research team members. Key takeaways included the following:
According to intra-quarterly NIC MAP® data, released by NIC MAP Vision, the senior housing all-occupancy rate for the NIC MAP Primary Markets increased to 83.5% in the April 2023 reporting period, up 0.3 percentage points (pps) from the March 2023 reporting period on three-month rolling basis. From its time series low of 77.8% in June 2021, occupancy increased by 5.7pps, as evident in the exhibit below, with 20 of the 22 reporting periods showing positive gains (from June 2021 to April 2023).
New ways to advance transparency discussed at 2023 NIC Spring Conference. Robust data and transparency continue to fuel the growth of the senior housing and care industry. Stakeholders rely on solid information to make big decisions. No one can afford guesswork.