As the 10th consecutive survey, the H1 2021 CBRE Seniors Housing & Care Investor Survey is a product of consistent reporting methodology and pertinent and actionable market intelligence on key seniors housing insights and market trends.

The data is based on market sentiment collected from seniors housing investors, developers, lenders and brokers throughout the United States.

Key Observations

  • Average capitalization rate during this survey (H1 2021) indicated a period-over-period compression of -13 basis points (bps).
  • The vast majority of the respondents expect positive census trends, or a recovery from the negative census trends that resulted from the COVID-19 pandemic.
  • The Active Adult product type re-emerged at the top of the investment opportunity list, showing the largest compression in cap rates, an average of -32 bps, among all property types.
  • Class A and Class B assets fared the best with indicated compression of -14 bps and -16 bps, trailed by Class C assets at -10 bps.


Cap Rate Trends

The CBRE Seniors Housing & Care Investor Survey includes the cap rate trends as consolidated from each of the past ten surveys.

Historically, cap rates showed overall compression. While the COVID-19 pandemic reversed this trend, in this survey period, rates trended back downward for all care levels.