Senior housing demand, as measured by the change in occupied units, continued to outpace new supply in the third quarter, according to NIC MAP Vision.
It was the ninth consecutive quarter of growth with a net absorption gain. On the supply side, construction starts continued to be limited compared with pre-pandemic levels. During the four-quarter period ending in the third quarter of 2023, senior housing starts were less than half of the starts reported during the four quarters of 2019.
“The senior housing market appears well-positioned for a steady and ongoing recovery, with occupancy levels expected to reach/exceed pre-pandemic levels in 2024, barring unforeseen challenges,” NIC MAP Vision says. “This optimistic outlook is underpinned by the robust demand, limited supply growth, and the strong absorption-to-inventory velocity ratio observed in the market.
“One notable and positive shift brought about by the pandemic is the increased recognition of the value proposition that senior housing offers. This includes room and board, security, socialization, engagement, care coordination, and lifestyle. Indeed, the industry is gaining a heightened level of recognition, with more adult children and their aging parents appreciating the benefits a senior housing setting provides.”
Related Stories
Giants 400 | Aug 21, 2022
Top 110 Architecture/Engineering Firms for 2022
Stantec, HDR, HOK, and Skidmore, Owings & Merrill top the rankings of the nation's largest architecture engineering (AE) firms for nonresidential and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 19, 2022
2022 Giants 400 Report: Tracking the nation's largest architecture, engineering, and construction firms
Now 46 years running, Building Design+Construction's 2022 Giants 400 Report rankings the largest architecture, engineering, and construction firms in the U.S. This year a record 519 AEC firms participated in BD+C's Giants 400 report. The final report includes more than 130 rankings across 25 building sectors and specialty categories.
Multifamily Housing | Aug 3, 2022
NEW DEADLINE for Senior Living and Student Housing projects for "MULTIFAMILY Design+Construction" Fall issue
Fall 2022 issue of MULTIFAMILY Design+Construction will have reports on Senior Living and Student Housing.
Senior Living Design | Apr 19, 2022
Affordable housing for L.A. veterans and low-income seniors built on former parking lot site
The Howard and Irene Levine Senior Community, designed by KFA Architecture for Mercy Housing of California, provides badly needed housing for Los Angeles veterans and low-income seniors
Senior Living Design | Feb 11, 2022
Design for senior living: A chat with Rocky Berg, AIA
Rob Cassidy, Editor of MULTIFAMILY Design + Construction, chats with Rocky Berg, AIA, Principal with Dallas architecture firm three, about how to design senior living communities to meet the needs of the owner, seniors, their families, and staff.
Coronavirus | Jan 20, 2022
Advances and challenges in improving indoor air quality in commercial buildings
Michael Dreidger, CEO of IAQ tech startup Airsset speaks with BD+C's John Caulfield about how building owners and property managers can improve their buildings' air quality.
Senior Living Design | Jan 6, 2022
Senior living: 4 themes, 9 trends
Three top experts explain why senior living communities need greater resilience, more flexibility, new and unconventional models, and larger market share.
Senior Living Design | Jan 5, 2022
Top Senior Living Facility Design and Construction Firms
Perkins Eastman, Kimley-Horn, WSP USA, Whiting-Turner Contracting Co., and Ryan Companies US top BD+C's rankings of the nation's largest senior living sector architecture, engineering, and construction firms, as reported in the 2021 Giants 400 Report.
Senior Living Design | Dec 8, 2021
Ground-up assisted living residence nears completion in Queens, N.Y.
Landow and Landow Architects designed the project.
Giants 400 | Nov 18, 2021
2021 Multifamily Sector Giants: Top architecture, engineering, and construction firms in the U.S. multifamily building sector
Clark Group, Humphreys and Partners, and Kimley-Horn head BD+C's rankings of the nation's largest multifamily building sector architecture, engineering, and construction firms, as reported in the 2021 Giants 400 Report.
