Senior housing rent and occupancy rates remain flat
Overall occupancy and average rent rates were flat in the fourth quarter of 2010, according to a new report released by National Investment Center for the Seniors Housing & Care Industry. Absorption is up, though construction is seeing a small decline.
The average occupancy rate in senior housing was unchanged from the third quarter to the fourth, which NIC MAP officials say means that occupancy has stabilized. Year-over-year rent growth in the senior housing sector slowed in the fourth quarter to a rate of 0.0%, compared to 0.6% in the previous quarter.
"It's clear that occupancy rates have established a pattern of trending sideways over this past year, while the pace of YOY rent growth continues to slow,” Michael Hargrave, vice president, NIC MAP, said. “It's also reasonable, however, to expect these trends given the current economic environment."