Assisted living occupancy resumes recovery

Occupancy in assisted living properties resumed its recovery in 1Q12 after remaining essentially flat in the previous three quarters. In 1Q12, assisted living occupancy was 88.6 percent, an increase of 20 basis points from the prior quarter and a 30 basis point increase from a year ago. Occupancy is now 130 basis points above the cyclical low it established in 1Q10.

Most metropolitan markets continued to participate in the recovery, with 18 of the top 31 metropolitan markets having an improvement in occupancy during the quarter. In the past year, 20 of the top 31 metropolitan markets have shown some measure of improving occupancy, with San Jose leading the recovery with an increase of 610 basis points during this time. Also showing strong gains in the past year were Atlanta, Denver, San Diego, and Washington, DC, with each market’s occupancy improving between 280 and 380 basis points. The five markets lagging the recovery most significantly are Cincinnati, Minneapolis, Orlando, Phoenix, and San Antonio, with each market’s occupancy declining by at least 200 basis points during the past year.

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