Continuing care retirement community (CCRCs) occupancy and absorption rates continued to outpace non-CCRC communities in the third quarter of 2024.

Memory care units within CCRCs surpassed other CCRC unit types with an absorption rate of 5.3% in the third quarter of 2024, according to a Nov. 22 report from the National Investment Center for Seniors Housing & Care (NIC). The segment outperformed assisted living, which had an absorption rate of 2.4%, independent living (0.9%), and nursing care (0.5%).

“Since the third quarter of 2019, inventory for memory care segments within CCRCs has grown at a relatively faster pace than assisted living and nursing care segments,” the report’s authors wrote. “While independent living has taken the lead in growth over recent quarters, memory care segments within CCRCs continue to demonstrate steady expansion.”

The Nov. 22 report was based on data from 1,062 CCRCs and 13,796 non-CCRCs in the 99 NIC MAP primary and secondary markets.

CCRC memory care occupancy grew for the 10th consecutive quarter in 3Q24 and hit 89.9%. Assisted living occupancy registered at 89.8%, and independent living units carried an average occupancy of 91.6% in 3Q24.

Memory care also was the only segment in CCRCs with positive inventory growth in 3Q24, up 1.2% from early this year.

The report notes for non-CCRCs, independent living and memory care both saw year-over-year inventory growth at 1.8% and 1.7%, respectively.

Asking rent for memory care in CCRCs also saw the greatest growth out of all of the segments, up 4.3% to $8,749, though possible discounts were excluded from the report.

“Memory care segments within CCRCs continued to demonstrate notable growth in demand in recent quarters,” the report’s authors wrote. “The segment has consistently led in absorption rates over the past three years and doubled its absorption growth from levels the year before.”

Additionally, inventory for memory care has seen a greater growth rate compared to assisted living and nursing care segments over the past five years, though independent living is still the leading segment, according to the report.