Key Takeaways from the 1Q22 NIC MAP Vision Actual Rates Report

June 8, 2022

Data from the recently released 1Q2022 NIC MAP Vision Actual Rates Report shows that all three care segments (independent living, assisted living, and memory care) hit the recorded highs in the time series to date for year-over-year growth of asking rates in the first quarter 2022. The report includes monthly data of actual rates and leasing velocity through March 2022, including data on rate discounting and move-in/move-out trends. Read on for further key takeaways from the report produced by NIC MAP® Data Service, powered by NIC MAP Vision.

The first quarter 2022 Actual Rates Report includes segment type data for many more metropolitan markets than were included in previous reports. Prior reports included Atlanta, Philadelphia, and Phoenix, and new metros available in the first quarter 2022 report include Boston, Chicago, and San Diego, among others. NIC MAP Vision continues to work to onboard new data contributors and is dedicated to reporting more metros. It is only with the support of Actual Rates data contributors and officially certified Actual Rates software partners that this expanded reporting is now available. For more information on which metropolitan markets are now available to NIC MAP Vision subscribers, please contact a product expert at NIC MAP Vision today.

Key takeaways from the 1Q2022 NIC MAP Vision Seniors Housing Actual Rates Report are listed below. These key takeaways are from the Segment Type report. Care segments refer to the levels of care and services provided to a resident living in an assisted living, memory care, or independent living unit.

Key Takeaways

  • During the first quarter 2022, all three senior housing segment types—independent living (IL), assisted living (AL), and memory care (MC)—experienced the highest recorded growth in year-over-year asking rates since NIC MAP began reporting the data in 2017. Notably, IL had the largest year-over-year increase for asking rates at 8.5% in March 2022, followed by AL (8.3% in January 2022) and MC (8.3% in March 2022).
  • Average initial rates for residents moving in were below asking rates for all three care segments in first quarter 2022. Of the three segments, MC had the largest initial rate discounting for a single month of 10.1% ($776) in January 2022. On an annualized basis, this discount is equivalent to 1.2 months. AL segments had the weakest discounting for initial rates of the three segments with a 5.1% ($292) discount in March 2022. Discounting for AL initial rates hasn’t been this weak since November 2020 (5.1% as well). IL segments had an initial rate discount of 8.7% ($314) in March 2022. This was the highest initial rate discount for IL segments since May 2020 (9.9%, $328).

  • Move-ins outpaced move-outs in February and March 2022 for all three care segments (IL, AL, and MC). However, move-outs outpaced or equaled move-ins for all three segments in January 2022 (January had a post-holiday Omicron-related spike in COVID infections which may have been a contributing factor to move-outs.)
  • The MC segment had the highest pace of move-ins of the three care segments in the first quarter, with 4.2% of inventory in March 2022. Memory care move-ins have not been this high since June 2021 when it was 4.3% of inventory.

Additional key takeaways are available to NIC MAP Vision subscribers in the full report.

Acknowledging the NIC MAP Vision team. The Actual Rates Data Initiative has been supported by many players behind the scenes over the years, all of whom deserve recognition for their hard work in bringing these data to market. NIC would like to acknowledge and thank Robb Tufts, Dan Mandeville, Raheem Thomas, Aisha Jones, Justin Cassell, Brian Connolly, Rosemary Asquino, Wendy Lazo, Molly McCarter, Leighann Garcia, and Dan Raney of the NIC MAP Vision team for all of their hard work collecting, processing, and reporting the data over the years to achieve this goal of expanding the metro coverage of Actual Rates reporting. Without their continued effort and dedication this increased transparency would not be available to NIC MAP clients.

Arick Morton on the Importance of Actual Rates Data Initiative. Arick Morton, CEO of NIC MAP Vision, discusses the importance of the actual rates data initiative for the company and the senior housing industry at large. Operators can learn more about actual rates by visiting the actual rates page.

About the Report
The NIC MAP Vision Seniors Housing Actual Rates Report provides aggregate national data from approximately 300,000 units within more than 2,600 properties across the U.S. operated by 25 to 30 senior housing providers. The operators included in the current sample tend to be larger, professionally managed, and investment-grade operators as we currently require participating operators to manage five or more properties. Note that this monthly time series is comprised of end-of-month data for each respective month.

While these trends are certainly interesting aggregated across the states, actual rates data are even more useful at the metro level. NIC MAP Vision is continuing to work towards reporting more markets.

Interested in Participating?
The Actual Rates Data Initiative is an effort to expand senior housing data and we are looking for operators who have five or more properties to participate. We have expertise in extracting data from industry leading software systems, such as Yardi, PointClickCare, Alis, MatrixCare, Glennis Solutions, and Eldermark and can facilitate the process for you.

Operators contributing data to the NIC MAP Vision Seniors Housing Actual Rates Report receive a complimentary report which allows them to compare their own data against national, and metropolitan market benchmarks.

In addition to receiving a complimentary report, your organization benefits through:

  • More informed benchmarking, strategic planning, and day-to-day business operations,
  • Increased transparency, aligning with other commercial real estate assets in terms of data availability,
  • Saved time, Actual Rates data is collected electronically directly from operators’ corporate offices, removing the need for telephone calls to individual properties, and
  • Enhanced investment and efficiency across the sector.

NIC MAP Vision gives operators, lenders, investors, developers, and owners unparalleled market data for the seniors housing and care sector.

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