While assisted living and memory care are all the rage at the moment, independent living is driving the recovery of senior housing according to the National Investment Center for the Seniors Housing & Care Industry.
During the fourth quarter of 2011, independent living occupancy increased 20 basis points from the prior quarter to 88%, up 90 basis points from a year ago.
“Independent living occupancy was 120 basis points above its cyclical low of 86.8 percent established during 3Q10,” said NIC in a note to members. “Most of the increase in independent living occupancy is attributable to the recovery in freestanding properties.”
Freestanding IL saw occupancy rates increase to 86.4% during Q4, an increase of 270 basis points from a year ago and 60 basis points above its cyclical low of 82.8 percent established during 4Q09.
Combined campus properties are also improving, but at a slower rate, only 20 basis points from the prior quarter said NIC. The only type that continues to lag is Continuing Care Retirement Communities, whose occupancy levels have been essentially flat for the past six quarters.
Written by John Yedinak