Skilled Nursing National Report

Net absorption streak continues but at a cooling pace. National skilled nursing occupancy rose for a 13th-straight quarter during the April-to-June 2024 period, according to NIC Map® Data and Analysis Service (www.nicmap.org). The 30-basis-point boost during those three months was nevertheless the smallest gain over that stretch. Positive momentum, albeit at a moderating pace, lifted the overall rate to 84.0 percent in the second quarter of 2024, down 220 basis points from the same point in 2019. The nearly 63,000 beds absorbed on net from April 2021 to the midpoint of this year still trails the 105,000 beds relinquished during the pandemic shock; however, shrinking supply has helped accelerate occupancy growth. National inventory fell by 0.6 percent during the 12 months ended in June 2024, bringing the seven-year contraction to almost 5.0 percent. Steady demand growth, combined with a cutback in supply supported a 4.1 percent annual rent gain in the second quarter of 2024. Every U.S. region posted rent elevations of at least 3.0 percent, with the Great Plains and Rocky Mountain areas noting the fastest climbs amid substantial inventory decreases.