ICAA
What's new: Unlocking the future: Closing the gap between consumer expectations and community offerings in senior living report.

Industry News

[COSTS OF LIVING] NIC reports rising operator expenses for senior living

The latest report from the National Investment Center for Seniors Housing & Care (NIC) found “increased acuity of residents at move-in is being reported across all care segments, driven by delayed move-ins," according to Senior Principal Ryan Brooks. That said, more than 90% of senior living operators cited rising operator expenses as the greatest challenge they face.

Just under 10% of respondents reported severe staffing shortages -- the lowest share of respondents reporting severe staffing shortages in the time this question has been asked, according to Brooks. "Though labor challenges persist, this may represent a glimmer of relief to the longstanding staffing crisis. Further, the survey results indicate that rent concessions are being offered at fewer properties now than was the case in earlier parts of 2022."

The Wave 46 survey includes responses from September 19 to October 16, 2022, from owners and executives of 58 small, medium, and large senior housing and skilled nursing operators across the US. Additional findings include, among others:

- Most common reasons for staffing shortages include competition from other industries (25%); an inability to hire nurses (21%); competition from staffing agencies (17%); and an inability to fill nurse aide positions (15%).

- Two-fifths of independent living operators reported that the cost of their property insurance increased significantly, as did operators of nursing care (38%), assisted living (30%), and memory care (25%).

- Compared to pre-pandemic rates, two-thirds (68%) of memory care and assisted living (66%) operators reported that the cost of their professional liability insurance increased significantly or slightly, followed by 58% of independent living operators, and one-half (52%) of nursing care operators.

 To access more results in Brooks' blog, click here


Do you have news to share?
The ICAA welcomes your news submissions. Please send your press releases to colinmilner@icaa.cc-the ICAA's email for submissions-and staff will consider your news for possible publication. Newsworthy topics include such things as center/community openings; initiative or campaign launches; announcements of awards, promotions or grants; and other topics of interest to active-aging professionals.

Share

icaa 100 members