As the economy looks for direction, the senior housing industry is seeing occupancy rates unchanged for the third quarter compared to Q2 2010 according to NIC MAP, a service of National Investment Center for the Seniors Housing & Care Industry (NIC). Overall average occupancy for senior housing properties was 87.7% in Q3. The data revealed independent living occupancy dropped 30 basis from the previous quarter to 87.1%, assisted living occupancy saw a 40 basis point increase during the current quarter to 88.7% and skilled nursing occupancy rate held relatively steady at 88.5%.
“While independent living occupancy rates are continuing to establish new cyclical lows, assisted living occupancy rates are recovering from recent lows," said Chuck Harry, research director – NIC. “Rent growth, while still positive, has slowed and reflects the challenging leasing environment that many operators are in today.”