Ziegler recently came out with its analysis of the latest NIC MAP occupancy statistics for CCRCs, or LPCs, and the sector continues to outperform the separate seniors housing and care sectors. For independent living units, the average occupancy for CCRCs was 90.5% compared with 84.2% for IL units not within a CCRC. In the assisted living sector, AL units within CCRCs were on average 87.5% occupied, versus 83.1% outside of CCRCs. Memory care averaged 86.5% occupancy within CCRCs and 83.4% outside of them, and skilled nursing beds were 83.6% and 82.2% occupied, respectively, although CCRCs have been shedding their SNF beds over the last several years and the beds remaining would understandably be better occupied.
CCRCs also had an advantage in asking rents over the non-CCRC units, but non-CCRC units within IL and AL had higher year-over-year asking rent growth. The non-CCRC sectors were also coming from a lower occupancy point and witnessed higher year-over-year changes in occupancy. But the CCRCs are still in the better position. And despite the worsened development and financing environments, many are also working on IL expansion and conversion projects to better position themselves for the incoming baby boomers. The strong occupancy rates in that sector support it.
