The moment a family member needs to consider moving into an assisted living facility is typically stressful and emotionally fraught. It can be compounded by financial worries or lack of suitable options, a situation unfortunately that more and more seniors are facing.
In the second quarter of 2023, the average asking rent for senior housing for 31 primary markets tracked by NIC MAP Vision, an affiliate of the National Investment Center for Seniors Housing & Care (NIC), was $5,031, a 5.7% increase from one year earlier, marking the highest year-over-year increase since this data collection began in 2006. Meanwhile, inventory for the same markets grew by only 1,128 units in the second quarter of 2023, which was the lowest level observed since the beginning of the time series in 2006.
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