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Inventory Growth, Development Pipelines and Looking Ahead with BuildCentral and Dodge Data & Analytics Databases
In the fourth quarter of 2022, the occupancy rate for senior housing rose to 83.0% for the 31 NIC MAP Primary Markets — the highest level since the second quarter of 2020 and up 0.9 percentage points from the third quarter. This marked the sixth consecutive quarterly occupancy rate improvement and placed the occupancy rate 5.2 percentage points above its pandemic-related low of 77.8% recorded in the second quarter of 2021.
Factors supporting demand include pent-up need, a relatively strong economy and a compelling value proposition of residing in senior housing, such as socialization, security, engagement, room and board, care coordination, and lifestyle and wellness programs that support a high quality of life.
Chief Economist at NIC, Beth Mace, examines the supply side of the occupancy rate equation, looking at construction starts and inventory growth for the Primary Markets in aggregate and by individual market. She also provides insight into the development pipeline data as viewed through the lenses of BuildCentral and Dodge Data & Analytics databases.
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