US Occupancy Rates have Declined in 11 of 12 Quarters Since 2007
Posted by kmancer on June 24th, 2010
As we have often commented in this blog, the US is light years away from Canada in terms of the quantity and quality of available research on the seniors’ housing and health care industry. The mission of the wonderful National Investment Center (NIC) is: “To advance the quality of seniors housing and care by facilitating informed investment decisions through best-in-class data, research, networking events and professional education” and they do a great job of that.
One of the many useful things they do is track occupancy data by quarter for five categories of housing and health care—freestanding IL, combined IL, freestanding AL, combined AL, and CCRC. (Remember that AL in the US is almost exclusively private pay).
A recent NIC Newsflash points out that occupancy rates for all five categories have declined more or less continuously since the first quarter of 2007, when they reached a cyclical peak of 92.3% (on average). First quarter 2010 data indicates an average occupancy rate of 88.0%.
Assisted living performed best over the period (decline of 2.7%) and freestanding IL the worst (decline of 6.2%). CCRCs ended up in the middle with a decline of 4.1%.
This is not remotely surprising. The US housing market has been hammered over the last few years. People more able to postpone a move into service-enriched housing (i.e. potential IL residents) have done exactly that.
Tags: Aging, Aging in place, Assisted Living, Housing Market, Housing Options, Independent Living, Occupancy Rates, Retirement, Senior Housing, Seniors' Housing, snow birds, Supportive housing
This entry was posted
on Thursday, June 24th, 2010 at 4:34 pm and is filed under Future, News, Senior Housing, Seniors' Housing.
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