Senior Housing Occupancy Drops, Inventory Increases: NIC

The COVID-19 crisis continues to impact occupancy, with assisted living properties experiencing steeper decreases than independent living assets, the latest NIC MAP report shows.

Assisted living senior housing properties in the NIC MAP Primary Markets continue to see steeper occupancy declines since the pandemic began than independent living properties, dropping 6.1 percentage points since March to an all occupancy rate of 79.1 percent, according to the NIC Intra-quarterly Snapshot for September.

It was another record low for assisted living occupancy rates, though a smaller drop from the previous record low in August of 79.5 percent. The majority independent living occupancy rate was also down, hitting 84.9 percent, but well above the majority assisted living rate in the NIC MAP Primary Markets recorded for September. The overall senior housing occupancy rate for the third quarter was 82.1 percent, down 2.6 percentage points from the second quarter of 2020 and the second quarter in a row where occupancy fell more than 2.5 percentage points....

RSK: Happening everywhere since covid seems to run rampant in these centers. Probably on par with the restaurant industry and hospitality sector...

Ken Notes: Also remember boomers are now approaching 70 and they do not want the experience they saw there parents go through.

- - Volume: 8 - WEEK: 46 Date: 11/10/2020 8:35:51 AM -