Persevering with care retirement neighborhood (CCRCs) occupancy and absorption charges continued to outpace non-CCRC communities within the third quarter of 2024.
Reminiscence care items inside CCRCs surpassed different CCRC unit varieties with an absorption fee of 5.3% within the third quarter of 2024, based on a Nov. 22 report from the Nationwide Funding Middle for Seniors Housing & Care (NIC). The phase outperformed assisted dwelling, which had an absorption fee of two.4%, impartial dwelling (0.9%), and nursing care (0.5%).
“For the reason that third quarter of 2019, stock for reminiscence care segments inside CCRCs has grown at a comparatively quicker tempo than assisted dwelling and nursing care segments,” the report’s authors wrote. “Whereas impartial dwelling has taken the lead in progress over latest quarters, reminiscence care segments inside CCRCs proceed to display regular growth.”
The Nov. 22 report was based mostly on information from 1,062 CCRCs and 13,796 non-CCRCs within the 99 NIC MAP major and secondary markets.
CCRC reminiscence care occupancy grew for the tenth consecutive quarter in 3Q24 and hit 89.9%. Assisted dwelling occupancy registered at 89.8%, and impartial dwelling items carried a mean occupancy of 91.6% in 3Q24.
Reminiscence care additionally was the one phase in CCRCs with constructive stock progress in 3Q24, up 1.2% from early this 12 months.
The report notes for non-CCRCs, impartial dwelling and reminiscence care each noticed year-over-year stock progress at 1.8% and 1.7%, respectively.
Asking lease for reminiscence care in CCRCs additionally noticed the best progress out of the entire segments, up 4.3% to $8,749, although doable reductions have been excluded from the report.
“Reminiscence care segments inside CCRCs continued to display notable progress in demand in latest quarters,” the report’s authors wrote. “The phase has constantly led in absorption charges over the previous three years and doubled its absorption progress from ranges the 12 months earlier than.”
Moreover, stock for reminiscence care has seen a higher progress fee in comparison with assisted dwelling and nursing care segments over the previous 5 years, although impartial dwelling continues to be the main phase, based on the report.
