Senior housing demand, as measured by the change in occupied units, continued to outpace new supply in the third quarter, according to NIC MAP Vision.
It was the ninth consecutive quarter of growth with a net absorption gain. On the supply side, construction starts continued to be limited compared with pre-pandemic levels. During the four-quarter period ending in the third quarter of 2023, senior housing starts were less than half of the starts reported during the four quarters of 2019.
“The senior housing market appears well-positioned for a steady and ongoing recovery, with occupancy levels expected to reach/exceed pre-pandemic levels in 2024, barring unforeseen challenges,” NIC MAP Vision says. “This optimistic outlook is underpinned by the robust demand, limited supply growth, and the strong absorption-to-inventory velocity ratio observed in the market.
“One notable and positive shift brought about by the pandemic is the increased recognition of the value proposition that senior housing offers. This includes room and board, security, socialization, engagement, care coordination, and lifestyle. Indeed, the industry is gaining a heightened level of recognition, with more adult children and their aging parents appreciating the benefits a senior housing setting provides.”
Related Stories
Apartments | Mar 13, 2024
A landscaped canyon runs through this luxury apartment development in Denver
Set to open in April, One River North is a 16-story, 187-unit luxury apartment building with private, open-air terraces located in Denver’s RiNo arts district. Biophilic design plays a central role throughout the building, allowing residents to connect with nature and providing a distinctive living experience.
Affordable Housing | Mar 12, 2024
An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
In Santa Monica, Calif., Brunson Terrace is an all-electric, 100% affordable housing project that’s over eight times more energy efficient than similar buildings, according to architect Brooks + Scarpa. Located across the street from Santa Monica College, the net zero building has been certified LEED Platinum.
MFPRO+ News | Mar 12, 2024
Multifamily housing starts and permitting activity drop 10% year-over-year
The past year saw over 1.4 million new homes added to the national housing inventory. Despite the 4% growth in units, both the number of new homes under construction and the number of permits dropped year-over-year.
Affordable Housing | Mar 11, 2024
Los Angeles’s streamlined approval policies leading to boom in affordable housing plans
Since December 2022, Los Angeles’s planning department has received plans for more than 13,770 affordable units. The number of units put in the approval pipeline in roughly one year is just below the total number of affordable units approved in Los Angeles in 2020, 2021, and 2022 combined.
MFPRO+ Special Reports | Mar 6, 2024
Top 10 trends in senior living facilities for 2024
The 65-and-over population is growing faster than any other age group. Architects, engineers, and contractors are coming up with creative senior housing solutions to better serve this burgeoning cohort.
MFPRO+ News | Mar 2, 2024
Job gains boost Yardi Matrix National Rent Forecast for 2024
Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report from Yardi Matrix.
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
