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
| Aug 11, 2010
PCL Construction, HITT Contracting among nation's largest commercial building contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Commercial Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
USGBC honors Brad Pitt's Make It Right New Orleans as the ‘largest and greenest single-family community in the world’
U.S. Green Building Council President, CEO and Founding Chair Rick Fedrizzi today declared that the neighborhood being built by Make It Right New Orleans, the post-Katrina housing initiative launched by actor Brad Pitt, is the “largest and greenest community of single-family homes in the world” at the annual Clinton Global Initiative meeting in New York.
| Aug 11, 2010
Sustainable features central to independent-living building
Architecture firm Perkins Eastman, together with Saint Johns on the Lake retirement community, plans to open a 21-story, 88-unit independent-living building for seniors by mid 2011. When the $46-million project is complete, it will offer residents a streetside café, art gallery, spa and wellness center, classroom, and community performance space.
| Aug 11, 2010
'Feebate' program to reward green buildings in Portland, Ore.
Officials in Portland, Ore., have proposed a green building incentive program that would be the first of its kind in the U.S. Under the program, new commercial buildings, 20,000 sf or larger, that meet Oregon's state building code would be assessed a fee by the city of up to $3.46/sf. The fee would be waived for buildings that achieve LEED Silver certification from the U.
