There is no question the pandemic hit seniors housing hard. In some cases, facilities had to manage COVID-19 outbreaks that put patients and staff at risk.
In 2020, stabilized occupancy rates closed Q4 at 82.9% in primary markets and 83.2% in secondary markets, according to the fourth annual Seniors Housing Investor Survey and Outlook from the JLL Valuation Advisory. Those were unprecedented lows, according to JLL. The additional operating expenses from COVID came in at between $1,420 per unit for independent living and $3,320 for nursing care.
Things are improving with vaccination rates at an estimated 91% among seniors housing and care residents and 65% among staff, according to the National Investment Center for the Seniors Housing & Care Industry.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
