Availability of senior care facilities is starting to close across the country as more adults move into their new homes. However, new construction of these facilities have slowed down.
According to a report by the National Investment Center for Seniors Housing & Care, the occupancy rate has increased 0.7 percent to 86.5 percent in the third quarter compared to 85.8 percent in the second quarter.
Elderly adults have begun moving to senior care facilities at rapid levels, reaching a record level of 611,000 across 31 primary markets. However, the gap between independent living occupancy and assisted living occupancy rate (87.9 percent vs. 85.1 percent, respectively) is beginning to narrow. Adults who require more needs-based care are opting to live in assisted housing, increasing the margin.
Related: Wayfinding Solutions for Senior Living Communities
While the growth in senior housing options seems promising, the growth in senior housing options continues to be the lowest in recent history, with only 7,100 spaces breaking ground. In the third quarter, the total inventory was only 1.1 percent higher compared to 2023.
The three cities with the highest occupancy rates include:
- Boston – 91.3 percent
- Baltimore – 89.2 percent
- Tampa – 89.2 percent
The three cities with the lowest occupancy rates include:
- Atlanta – 83.7 percent
- Houston – 82.1 percent
- Las Vegas – 79.2 percent
Mackenna Moralez is the associate editor of the facilities market.
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