On today’s show we’re taking a closer look at what’s happening in the world of senior housing.
The folks at Fannie Mae recently published a market update on the sector which we look closely at. We also follow the daily updates at Senior Housing News which report both trends and news in the sector.
We saw a rapid deterioration in senior housing occupancy since the start of the COVID-19 pandemic. Senior housing fundamentals began to improve in the middle of 2021, with the industry experiencing a strong occupancy rebound, according to multiple sources that we track.
Back in 2015 senior housing occupancy averaged about 90% nationwide. Developers started building more supply in anticipating of growing demand from the aging baby boomer population. At the start of the pandemic, occupancy had fallen to 87% on average with a 90% occupancy in independent living and 85% in assisted living.
Along came the pandemic and occupancies fell to 75% in assisted living and 82% in independent living. But that’s just an average.
Host: Victor Menasce