The data shows a 0.7% increase in independent living occupancy and a 0.5% increase in assisted living occupancy for the second quarter of 2024 compared to the first quarter, according to a July 11 news release from the nonprofit analytics firm.
Tampa and Baltimore have the next highest older adult housing occupancy rates, with both at 88.8%.
The city with the lowest occupancy rate is Houston at 80.9%, followed by Las Vegas (81.1%) and Miami (82.6%).
While the number of occupied older adult housing units grew 4.4% in the second quarter of 2024 compared with the first quarter of 2023, inventory grew 1.5% for the same period of time.
“Access to capital, cost of capital, and construction costs remain significant headwinds to senior housing development,” the NIC said in the release.
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