NIC’s Research & Analytics team presented findings during a webinar with NIC MAP clients on January 22, reviewing key senior housing data trends during the fourth quarter and full year 2025. Additionally, Traci Bild, CEO at Bild & Co, presented and analyzed sales and occupancy trends.
Key takeaways included the following:
Takeaway #1: Occupancy Rates Climbed Higher
- The occupancy rate for senior housing rose 0.4 percentage points in the fourth quarter for the 31 NIC MAP Primary Markets, reaching 89.1%.
- Meanwhile, the occupancy rate for the 68 Secondary Markets tracked by NIC MAP rose 0.3 percentage points in the fourth quarter to end the year slightly ahead of the Primary Markets at 90.0%.
Takeaway #2: Fourth Consecutive Year Occupancy Rate Increased 200+ Basis Points
- The occupancy rate for senior housing rose 2.2 percentage points in 2025 for the 31 NIC MAP Primary Markets, marking the fourth consecutive year in which occupancy gained more than 200 basis points.
- Meanwhile, the occupancy rate for the Secondary Markets gained 1.6 percentage points in 2025.
Takeaway #3: New Record Low in Inventory Growth
- Turning to inventory growth, a continued decline in new supply arriving online also helped drive occupancy rates higher.
- The year 2025 was the lowest on record for both the Primary and Secondary Markets since NIC MAP began tracking this data.
- Looking ahead, the limited number of new units under construction today indicates new supply growth is unlikely to pick up in the near term.
Takeaway #4: Seven Markets Above 90% Occupied
- Seven of the 31 Primary Markets had occupancy rates above 90% in the fourth quarter, compared to five in the previous quarter, led by Boston (93.1%), San Francisco (91.9%), and Baltimore (91.9%).
- Only five markets had occupancy rates below 87%, with the lowest being Miami (85.4%), Atlanta (85.5%), and San Jose (86.1%).
- There are several notable markets where occupancy rates today are near or slightly above their all-time highs, such as San Francisco (91.9%), Los Angeles (90.5%), Dallas (89.1%), and Chicago (89.0%).
