Seniors Housing Demand Will Soon Be At Its Highest Point Ever
There is robust long-term demand from an aging baby boomer population within 10 years of occupancy.
May 28, 2021 | Les Shaver | GlobeSt.com
There is no question the pandemic hit seniors housing hard. In some cases, facilities had to manage COVID-19 outbreaks that put patients and staff at risk.
In 2020, stabilized occupancy rates closed Q4 at 82.9% in primary markets and 83.2% in secondary markets, according to the fourth annual Seniors Housing Investor Survey and Outlook from the JLL Valuation Advisory. Those were unprecedented lows, according to JLL. The additional operating expenses from COVID came in at between $1,420 per unit for independent living and $3,320 for nursing care.
Things are improving with vaccination rates at an estimated 91% among seniors housing and care residents and 65% among staff, according to the National Investment Center for the Seniors Housing & Care Industry.
