Data from the recently released 1Q 2025 NIC MAP Actual Rates Report show that:
- Independent living properties continued to report strong year-over-year rate growth across all rate categories in the first quarter of 2025. Between December 2024 and March 2025, in-place rates rose 0.7 percentage points (pps), pushing annual growth to a record-high 10.8%. Initial rates increased 1.6pps during the same period, with a year-over-year growth rate of 14.3% in March 2025, the second highest on record.
- In contrast, assisted living properties experienced a deceleration in the pace of rate growth across all rate types. Year-over-year growth in March 2025 fell to 1.2% for initial rates, 3.2% for asking rates, and 4.0% for in-place rates, the slowest pace recorded since 2021.
In 1Q2025, discounts between asking and initial rates remained largely unchanged from the previous quarter for both independent living and assisted living properties.
- For independent living properties, initial rates in March 2025 were 6.1% (or $271) below asking rates, equivalent to a 0.7-month discount on an annualized basis, unchanged from December 2024.
- For assisted living properties, discounting widened slightly. As of March 2025, initial rates averaged 9.1% (or $611) below asking rates, translating to a 1.1-month discount on an annual basis.
Additional key takeaways are available to NIC MAP subscribers in the full report.
About the Report: The NIC MAP Seniors Housing Actual Rates Report provides aggregate national data from approximately 300,000 units within more than 2,500 properties across the U.S. operated by over 50 senior housing providers. The operators included in the current sample tend to be larger, professionally managed, and investment-grade operators as a requirement for participation is restricted to operators who manage 5 or more properties. Visit the NIC MAP website for more information.