Data from the recently released 3Q 2025 NIC MAP Actual Rates Report showed that:
- For independent living properties, the year-over-year growth in initial rates slowed to 7.6% in September 2025, down from 17.5% in June 2025. Meanwhile, the year-over-year growth in asking rates rose by 0.5 percentage points to 8.2% in September 2025.
- For assisted living properties, year-over-year rate growth accelerated across all rate categories in September 2025. Initial rates increased by 6.3%, the highest growth rate since the third quarter of 2023. In-place rates and asking rates rose by 6.1% and 6.6% from year-earlier levels, respectively.
In the third quarter, discounts between asking rates and initial rates widened for independent living properties compared to the previous quarter. In contrast, assisted living properties saw discounts narrowing from the previous quarter.
- Average initial rates for independent living properties were 8.6% ($403) below asking rates in September 2025, equivalent to a 1.0-month discount on an annualized basis, up from the 0.8-month discount recorded in June 2025.
- For assisted living properties, average initial rates were 8.1% ($549) below asking rates in September 2025, which translates to a 1.0-month discount on an annualized basis, down from the 1.3-month discount recorded in June 2025.
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.