Senior housing occupancy rate increases for 10th consecutive quarter
The senior housing occupancy rate for the 31 NIC MAP Primary Markets increased 0.8 percentage points from 84.3 percent in third quarter 2023 to 85.1 percent in fourth quarter, 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 7.3 percentage points from a pandemic-related low of 77.8 percent in second quarter 2021, bringing occupancy less than two percentage points below the pre-pandemic level of 87.1 percent in first quarter 2020.
Fourth quarter 2023 represents the 10th consecutive quarter of occupancy gains, driven by record-high rates of demand. Fourth quarter net absorption was more than 8,400 units across the Primary Markets, the highest quarterly level observed in 2023.
Demand outpaced supply in both assisted living and independent living properties within the NIC MAP Primary Markets in the fourth quarter, driving occupancy rates higher. The