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
Senior Living Design | Jul 5, 2018
KFA designs 70 units of affordable senior housing in Los Angeles
The development includes a mix of low- and very-low-income units.
Senior Living Design | Apr 24, 2018
96-unit senior housing community opens in Orland Park, Ill.
The units are split between assisted living apartments and memory care studios.
Senior Living Design | Jan 31, 2018
Senior living design trends for 2018
Public-facing fitness centers and “sense of place” design accents are among the emerging trends in senior living facilities, according to design firm studioSIX5.
Industry Research | Nov 28, 2017
2018 outlook: Economists point to slowdown, AEC professionals say ‘no way’
Multifamily housing and senior living developments head the list of the hottest sectors heading into 2018, according a survey of 356 AEC professionals.
Senior Living Design | Oct 5, 2017
New senior housing community is first in U.S. to offer Spark of Life dementia care
Aspired Living of Westmont is a 107-unit assisted living and memory care community.
Senior Living Design | Sep 7, 2017
BoomTown: A Future for all ages
Despite our enhanced understanding of how integral socialization and engagement are to long-term health, we continue to perpetuate a senior housing paradigm that places people in self-contained communities.
Senior Living Design | Jul 31, 2017
How technology will change senior care
When a family member can no longer be cared for in their current home, they require specialized care that is only available in a long-term care center.
Senior Living Design | May 9, 2017
Designing for a future of limited mobility
There is an accessibility challenge facing the U.S. An estimated 1 in 5 people will be aged 65 or older by 2040.
Senior Living Design | Jan 25, 2017
2017 design trends for the senior living industry
The evolution of attracting Baby Boomers versus the Silent Generation.
Senior Living Design | Aug 3, 2016
Senior housing project meets tough state health standards and earns LEED Gold
The building complies with NY state’s Medicaid Redesign Team program
