Senior Housing National Report

Key demand metric returns to pre-pandemic benchmark. The senior housing sector continues to make a resounding recovery following the pandemic shock. According to NIC Map® Data and Analysis Service (www.nicmap.org), the overall occupancy rate rose by 80 basis points during the April-to-June 2024 period, representing the 13th-straight quarterly increase. This momentum elevated the national figure to 85.3 percent at midyear, which is 10 basis points ahead of the same point in 2019. Higher service levels like memory care and assisted living, where the aid provided is more of a necessity and alternatives are less practical, are spearheading progress. Memory care occupancy reached 85.5 percent in the second quarter of 2024, exceeding its equivalent 2019 measure by 420 basis points. Similarly, the assisted living rate rose to 85.0 percent during the April-to-June 2024 span, surpassing the same point from 2019 by 30 basis points. Other care levels, however, still have ground to make up. Independent living occupancy stood at 85.6 percent in the second quarter of 2024, trailing its mid-2019 mark by 110 basis points. Nevertheless, that segment’s rate jumped by 90 basis points quarter over quarter, reflecting an ongoing improvement.