From 2020 to 2023, the senior housing industry faced major challenges from the COVID-19 pandemic, including occupancy declines, labor shortages and tight capital markets caused by rising interest rates. Despite this, the industry demonstrated strong resilience due to its essential, need-based nature, according to NIC MAP in its recent outlook report.
By early 2024, recovery was well under way — occupancy and employment levels had nearly returned to pre-pandemic levels, rents were rising, and expenses were stabilizing, improving profit margins. Looking ahead, the industry is positioned for significant growth, driven by a rapidly expanding 80-plus population and record-high absorption rates, which increased 40 percent in early 2024 compared to the previous year.
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