Last year, senior housing occupancy rates have dropped to record lows. A new report from the National Investment Center for Seniors Housing and Care, the senior housing occupancy rate fell 1.3% in the fourth quarter to 80.7%. In 2020, the senior housing occupancy rate fell 6.8%.

The rate of decline slowed in the fourth quarter; however the report expects occupancy rates to fall once again following the surge in COVID-19 cases this winter. The occupancy rate for independent living and assisted living fell at a similar rate in the fourth quarter. Independent living occupancy declined 1.4% quarter-over-quarter to 83.5%, while assisted living rates fell 1.3% to 77.7%. Nursing home occupancy rates fell the most significantly to 75.3%. Annually, independent living occupancy has decreased 7.4% while assisted living properties have had a 6.2% decrease in average occupancy.

The report also noted varied occupancy trends in geographic markets. NIC reviews 31 metropolitan areas. San Jose, San Francisco and Seattle had the highest occupancy, while Houston, Cleveland and Miami had the lowest occupancy rates for senior living properties.