Senior housing occupancy hits record low
Senior housing occupancy fell 2.6 percentage points in third quarter 2020, from 84.7 percent to 82.1 percent, indicating a steady decline since the outbreak of COVID-19, according to new data from NIC MAP Data Service, provided by the National Investment Center for Seniors Housing & Care (NIC).
This is the second consecutive quarter where occupancy fell more than 2.5 percentage points, meaning the senior housing sector is now experiencing its largest drop in occupancy on record.
Independent living facilities saw a considerable increase in inventory, posting the largest increase since early 2009.
“This reflects the relatively robust lending and development environment of 18 to 24 months ago that supported construction starts back then, and which now are completed properties entering the market,” noted Chuck Harry, NIC’s chief operating officer. “Construction starts activity in the third quarter continued to be relatively weak, reflecting today’s mor