Senior housing and care market fundamentals may have reached a turning point at the end of March, according to Executive Survey Insights Wave 28 – National Investment Center (nic.org) released Thursday by the National Investment Center for Seniors Housing & Care.
Approximately 90% of organizations that responded to Wave 28 of the survey reported an increase in lead volume. Additionally, about a third of the organizations, compared with 20% in last month’s NIC survey, reported that lead volume currently is above pre-pandemic levels.
Almost two-thirds of respondents said they expect occupancy rates to return to pre-pandemic levels sometime next year.
Incentives might be one reason for increasing occupancy, NIC said. Approximately 60% of survey respondents said that their organizations are offering rent concessions to attract new residents. About 80% of them are discounting monthly rents. Approximately half are offering free rent for a specified period, and about half are capping rents for news residents for a specified period. Other tactics include offering community fee discounts, waiving second person fees and giving moving allowances.
Staff shortages remain problematic, however, survey results indicated. Most respondents said that their organizations are increasing wages or offering referral bonuses; more than half said they are offering hiring bonuses.