Senior Housing Occupancy Falls to Lowest on Record

Last year, senior housing occupancy rates have dropped to record lows. A new report from the National Investment Center for Seniors Housing and Care, the senior housing occupancy rate fell 1.3% in the fourth quarter to 80.7%. In 2020, the senior housing occupancy rate fell 6.8%.

The rate of decline slowed in the fourth quarter; however the report expects occupancy rates to fall once again following the surge in COVID-19 cases this winter. The occupancy rate for independent living and assisted living fell at a similar rate in the fourth quarter. Independent living occupancy declined 1.4% quarter-over-quarter to 83.5%, while assisted living rates fell 1.3% to 77.7%. Nursing home occupancy rates fell the most significantly to 75.3%. Annually, independent living occupancy has decreased 7.4% while assisted living properties have had a 6.2% decrease in average occupancy.