A new data analysis from the National Investment Center for Seniors Housing & Care suggests that the demand for senior housing increasingly exceeds the number of available units in the third quarter of 2024.
Senior housing occupancy for 31 primary data markets of NIC MAP Vision, a company that provides geospatial and market selection analytics for the senior housing and care sector and a subsidiary of the National Investment Center, increased 70 basis points from 85.8% in 2024 Q2 to 86.5% in Q3. Annual average rent growth was 4.2%, with annual absorption of 3.9%, annual inventory growth of 1.1%, and construction versus inventory of 3.5%.
It shouldn't be a surprise. The fundamental story of how senior housing demand keeps outpacing supply has been true for years. And it keeps getting worse, creating in turn an affordability crisis.
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