Senior housing market sees slow recovery, report finds
Although construction of senior living housing has continued its decline, occupancy rates grew slightly in the fourth quarter of 2011, a new report shows.
Occupancy rates at assisted living facilities and nursing facilities remained relatively flat compared to the previous quarter, according to NIC MAP, a data analysis service of the National Investment Center for the Seniors Housing & Care Industry. The average occupancy rate for assisted living facilities was 88.6% in the third quarter, with no change from the previous quarter. For nursing facilities, the average occupancy rate was 88.2%, for a decline of 0.1 percentage points from the third quarter. Only independent living showed growth, increasing .2 percentage points.
"With occupancy continuing to rise, it is clear the recovery is underway, however, independent living has been driving much of the occupancy gains in recent quarters," said NIC MAP Vice President Michael Hargrave.
Click here for more information on the report.