Senior Living Demand Continues to Outpace Supply as Average Occupancy Exceeds 86%

The demand for senior living has consistently exceeded the rate of new community openings in 2024, indicating a potential tight availability for such services in the future. The latest occupancy report from NIC MAP Vision shows an increase in occupancy rates across primary markets, reaching a new high in the quarter. Both independent living and assisted living sectors have experienced steady growth in occupancy rates. However, development in the senior living industry remains slow, with construction projects at a decade-low level. The recent Fed rate cut could potentially provide relief for new development starts. With occupancy rates steadily improving, the industry is on track to reach pre-pandemic levels soon.