Senior housing market starting to see a recovery

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Assisted living facilities price per unit have gone up in the last year while prices per bed in skilled nursing facilities have declined slightly, according to a new report.

Assisted living units saw a 57% increase over calendar year 2010, reaching $161,700, a study conducted for the publication SeniorCare Investor found. Skilled nursing bed prices fell to $59,100 per bed from the record of $62,500, the report revealed.

MetLife's annual Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, reflects a trend toward rising costs. The average daily rate for a private nursing home room jumped $10 to $239 in 2011. Monthly assisted living rates increased to $3,477 in 2011.

Occupancy rates in senior housing saw a slight uptick in the third quarter of 2011, up 0.2% to 88.1%, according to data from the National Investment Center for the Seniors Housing & Care Industry. Occupancy rates in assisted living facilities averaged 88.6%, while occupancy rates in skilled nursing facilities was unchanged from the previous quarter, remaining at 88.3%.