Skilled Nursing Facilities Struggle To Bounce Back From COVID Woes

Skilled nursing facilities fared the worst among senior housing properties in the first quarter, with vacancy climbing to nearly 17%—a figure that matches the overall national vacancy rate for all property types within the sector.

New data from Moody’s Analytics REIS shows that overall, senior housing continued along the similar trajectory in Q1 as in previous quarters during the pandemic and posted the fourth straight quarter of increasing vacancy. Skilled nursing increased 140 basis points, while memory care facilities showed a vacancy uptick of 9% and ended Q1 at 20.1% vacant. Independent living care facilities posted a 6.4% rise in vacancy over the pandemic period to hit 16.2% in Q1, while assisted living properties increased 7% to 18.3%.