Senior housing market experiences stalled recovery
The average occupancy rate for senior housing in the first quarter of 2013 is unchanged, according to data from the National Investment Center for Seniors Housing & Care Industry (NIC). Despite the comparative stability of the senior housing sector to other asset classes during the recession, the sector has experienced slower growth than other markets.
During first quarter 2013, the average occupancy level was 89.1 percent, showing no change from the previous quarter and a slight increase of 0.8 percentage points from the previous year. This is the first time since second quarter 2010 that this asset class’s occupancy rate has failed to rise.
Though occupancy rates stalled this quarter, average annual asking rent has grown 2.3 percent, which is 0.9 percentage points above asking rent growth in first quarter 2012. Also, construction rose 2.5 percent this quarter, an increase of 0.2 percentage points fr