Nursing care occupancy rate back up after historic low, NIC report shows
After falling to its lowest rate in more than a decade in the fourth quarter of 2016, nursing care occupancy bounced back slightly in the first quarter of 2017, a new report shows.
Data from the National Investment Center for Seniors Housing & Care shows the nursing care occupancy rate at 87.2% for the first quarter of this year, compared to 86.8% at the end of 2016. That rate was the “lowest level since at least 2005,” the group reported at the time.
Seniors housing occupancy hit a low landmark of its own in the first quarter of 2017, averaging 89.3% — the lowest rate since mid-2013. Independent and assisted living occupancy rates averaged 90.9% and 87.2%, respectively.
The annual inventory growth rate for the nursing care sector held at 0%, while annual absorption was down to -0.4% for the first quarter for 2017.
Private pay rents for nursing care were up 2.7%, the report showed.