Senior housing occupancy rate increases for eighth consecutive quarter

The senior housing occupancy rate for the NIC MAP Primary Markets increased to 83.7 percent in the second quarter of 2023, up 0.6 percentage points from the first quarter and marking eight consecutive quarters of increases, according to data from NIC MAP Vision analyzed by the National Investment Center for Seniors Housing & Care (NIC).

The occupancy rate increased 5.9 percentage points overall from a pandemic low of 77.8 percent in the second quarter of 2021 but remained 3.4 percentage points below the pre-pandemic level of 87.1 percent in the first quarter of 2020.

The number of occupied units increased 0.9 percent in the second quarter, while total units for senior housing grew by only 0.2 percent. Compared with year-earlier levels, inventory increased by 1.3 percent, the smallest since 2012.

“Continued solid demand for senior housing, paired with relatively slow growth in inventory, has contributed to the current occupancy recovery,” said Caroline Cl