Since 2007 there has been a steadily decline of occupants in assisted living and independent living senior retirement communities. According to a soon to be released report, which will be unveiled next month, by the National Investment Centers for the Seniors Housing & Care Industry; occupancy in assisted living and independent sectors has evened out in the past year.
Assisted Living and Michael Hargrave
Starting in the second quarter of 2010, occupancy has slowly gone up to 87.7%. According to Michael Hargrave, vice president of NIC Market Area Profiles (MAP) service, demand is growing at a rate of 7,000 units annually. Speaking at last weeks NIC annual conference in Chicago, Hargrave said that “A demand-level recovery is exactly what the sector needs”. Hargrave also noted that rent growth has rapidly declined to 0.7%, however unlike other commercial sectors it has not gone down to negative.
NIC Investment Guide
The NIC will be releasing a guide for investors and potential investors about the seniors housing and care industry next month. This NIC Investment guide not only provides introduction to the investment characteristics and performance of the sector, but also a list of leading industry players.
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