NIC Chief Economist Beth Burnham Mace comes on the podcast to discuss how seniors housing has been affected by COVID-19 and the outlook for investment as mass distribution of vaccines nears.
The Park 79, a seven-story building, will be remade into housing for senior citizens with limited incomes.
The team behind the project insists assisted living can reduce the isolation that seniors are feeling as the virus keeps visitors away.
While COVID-19 has taken its toll, the exclusive annual NREI/NIC seniors housing investor sentiment research finds that respondents retain a bullish view on the long-term prospects for the sector.
While many investors stayed on the sidelines as the pandemic disrupted the market, some still went ahead with new deals.
In the second quarter, occupancy at independent living and assisted living facilities declined by 2.8 percent.
Labor costs in the sector are increasing as operators confront labor shortages and higher risk to staff.
Issues of cost, access, logistics and employee privacy mean that COVID-19 tests aren’t part of most back-to-work plans.
Move-ins are continuing to decelerate for the sector, but the pace has now slowed.