The senior housing occupancy rate for the 31 NIC MAP Primary Markets increased 0.5 percentage points from 85.1 percent in the fourth quarter of 2023 to 85.6 percent in the first quarter of 2024, according to data released by NIC MAP Vision and analyzed by the National Investment Center for Seniors Housing & Care (NIC). The occupancy rate has increased 7.8 percentage points from a pandemic-related low of 77.8 percent in second quarter 2021, bringing occupancy to within 1.5 percentage points of the pre-pandemic level of 87.1 percent in first quarter 2020.
First quarter 2024 represents the 11th consecutive quarter of occupancy gains, driven by high rates of demand. First quarter net absorption of roughly 5,000 units across the NIC MAP Primary Markets represents a more than 40 percent increase over the historic absorption levels of first quarter 2023.
The assisted living occupancy rate improved 0.6 percentage points from the prior quarter to 84.0 percent, while the ind