The all-occupancy rate for senior living (independent living and assisted living) has remained unchanged from December and stands at 83%, according to the latest data released from NIC MAP Vision.
The NIC Intra-Quarterly Snapshot January 2023, released late Thursday, reflects data from NIC MAP Vision for November 2022 to January 2023. In addition to occupancy rates, the report includes information related to economic trends and inventory growth.
According to the data, senior living occupancy still has a 4.1 percentage point gap to close to fully recover to a March 2020 pre-pandemic level. But the sector recovered 5.2 percentage points above a pandemic low of 77.8% in June 2021.
The occupancy rate for majority independent living properties for the 31 NIC MAP primary markets held steady at 85.2% for January, 4.4 percentage points below March 2020 levels. Inventory of independent living properties increased by 1.7% from January 2022, the largest year-over-year inventory gain since October 2021.
The occupancy rate for majority assisted living properties also did not change, holding at 80.7%, 3.9 percentage points below pre-pandemic occupancy levels. Assisted living inventory increased by 1.8% from January 2022.
Regional markets remain stable
The all-occupancy rate for independent living properties increased or remained stable in 20 of the 31 primary markets in January compared with December.
Las Vegas independent living occupancy saw the largest increase from the prior month, at 89.6%, up 0.7 percentage points but still 4.9 percentage points below pre-pandemic levels.
Minneapolis independent living occupancy fell by 0.7 percentage points from December to January — the largest decline — to 88.8%, dropping it 6.7 percentage points below pre-pandemic levels.
For assisted living, the occupancy rate increased or remained stable in 19 of the 31 NIC primary markets in January.
At 82.1%, Denver assisted living occupancy saw the largest increase, up 1.4 percentage points from December, bringing it within less than a half percentage point below pre-pandemic levels.
Riverside, CA, had the largest decline in assisted living occupancy, falling 1.2 percentage points from the prior reporting period to 82.6%. Occupancy in this market remained 4 percentage points below pre-pandemic levels.
