Boston, Baltimore and Cincinnati record highest occupancy rates; Houston, Miami and Atlanta have lowest rates—with all markets exceeding 80% occupancy
ANNAPOLIS (April 3, 2025) – Senior housing occupancy rates in the United States increased 0.3 percentage points, from 87.1% occupied in the fourth quarter of 2024 to 87.4% in the first quarter of 2025, according to the National Investment Center for Seniors Housing & Care (NIC), using data from NIC MAP.
Occupancy rates for independent living communities rose to 89.0%, up from 88.6% in the fourth quarter of 2024, and occupancy rates for assisted living communities increased to 85.8% from 85.5% in the fourth quarter of 2024.
NIC experts say demand for senior housing is at an all-time high. The first quarter of 2025 set a record for the number of occupied senior housing units, with nearly 621,000 units occupied compared to roughly 617,000 in the fourth quarter of 2024.
“Older adults are moving into senior housing at a rapid pace, and that trend will continue given the wave of Baby Boomers and many more ‘solo agers’ who don’t have a caregiver to rely on as a safety net,” said Lisa McCracken, NIC’s head of research and analytics. “The industry needs to ramp up development for supply to catch up with demand, but we don’t foresee any meaningful movement here in 2025 given current market conditions.”
NIC MAP tracks occupancy rates in 31 primary markets across the country, and all markets are well above 80% occupancy. For the first time since the fourth quarter of 2019, four markets surpassed 90% occupancy. The top three markets are Boston (90.7%), Baltimore (90.6%), and Cincinnati (90.2%). Miami fell to one of the lowest occupancy markets (84.7%), joining Houston (84.7%) and Atlanta (83.9%), which remain in the bottom three from 4Q24.
“The common thread among markets with the highest senior housing occupancy rates is those areas have relatively high barriers to entry for development, which is why occupancy rates have stayed high for the past several quarters in those regions,” said Arick Morton, CEO of NIC MAP. “We’re encouraged to see occupancy growth across the country, but we’re closely monitoring the number of available senior housing units to make sure older adults continue to have access and choice.”
The pace of new senior housing units and units under development was slower than historical norms in the first quarter of 2025. Senior housing construction starts in the 31 markets analyzed were at 1,076 units, which marks the lowest count since the second quarter of 2009. The number of units under construction fell to roughly 19,500, the lowest level since 2013. NIC expects the trend of limited new supply combined with strong demand will continue to drive the senior housing occupancy rate up in the coming quarters.
The first quarter of 2025 was the first time year-over-year rent growth dropped below 4% since the first quarter of 2022, at 3.9%. Rental rates are highly variable by market and property type, but on average had a slight decrease from 4Q24.
A summary of the NIC MAP Market Fundamentals Data, by NIC MAP, is below. An abridged report featuring the newly released data will be available at 4:30 p.m. ET on Thursday, April 3. While the report is a complimentary resource, only NIC MAP clients have exclusive access to the underlying data and additional metrics at the metro level.
About the National Investment Center for Seniors Housing & Care
The National Investment Center for Seniors Housing & Care (NIC), a 501(c)(3) organization, works to enable access and choice by providing data, analytics, and connections that bring together investors and providers. The organization delivers the most trusted, objective, and timely insights and implications derived from its analytics, which benefit from NIC’s affiliation with NIC MAP, the leading provider of comprehensive market data for senior housing and skilled nursing properties. NIC events, which include the industry’s premiere conferences, provide sector stakeholders with opportunities to convene, network, and drive thought-leadership through high-quality educational programming. For more information, visit NIC’s website and follow NIC on LinkedIn, Facebook, and Instagram.
About NIC MAP
NIC MAP believes data drives outcomes. We provide purpose-built data exclusively for senior housing, offering relevant, market-specific insights you won’t find anywhere else, and we’re empowering the senior housing industry to stay nimble and achieve optimal results. Our platform supports robust decision-making with real-time access to occupancy rates, transaction details, and construction project tracking, enabling industry leaders — including the top senior housing operators, largest government agencies and major investors — to navigate market complexities and capitalize on investment opportunities effectively. For more information, visit www.nicmap.com.