Over the last four years, nursing care had the weakest inventory growth out of several senior housing segments, according to a new data analysis from the National Investment Center for Seniors Housing and Care (NIC).
The term “nursing care” can include units in facilities that don’t solely provide skilled nursing servicing, such as a continuing care retirement community.
The analysis, which used data from NIC’s MAP Data Service, found that nursing care had negative inventory growth, at -0.4%, and a decline in occupancy of two percentage points from the fourth quarter of 2014 to the second quarter of this year. It also had an average annualized asking rent growth rate of 2.7%.
It was the weakest inventory growth rate among assisted living, memory care, and independent living. The memory care segment saw the highest inventory growth, at 33.6%, but also the largest decline in occupancy at -5.1 percentage points. Assisted living had inventory growth of 11.5%, while independent living inventory saw 5.7% growth, according to the analysis by NIC senior principal Lana Peck.
Nursing care occupancy struggles are not new, but the data highlight the fact that seniors housing segments across the board saw declines in occupancy from the fourth quarter of 2014 to the second quarter of this year.
Written by Maggie Flynn