Assisted living fundamentals continue to show improvement
The recovery in assisted living occupancy remains in place, as occupancy continues to improve, reports NIC MAP. In second quarter 2012, assisted living occupancy was 88.7 percent, which is an increase of 30 basis points from the prior quarter and 150 basis points above the cyclical low established in second quarter 2009. Absorption rose at its strongest pace within the current market cycle, with the number of occupied units increasing by 0.9 percent in second quarter 2012. Inventory growth also accelerated, growing by 0.6 percent in the second quarter, which is its highest pace since first quarter 2010.
The pace of year-over-year asking rent growth during the second quarter continued to remain positive at 1.3 percent, which is an increase of 80 basis points from that of the first quarter. As of second quarter 2012, the average asking monthly rent for assisted living properties within the top 31 metropolitan markets was $3,614.
Chart Source: NIC MAP®Data & Analysis Service
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