Senior Living Operator promises vaccines on lease


Atria Senior Living promises residents a vaccine.  (Getty, Atria)

Atria Senior Living promises residents a vaccine. (Getty, Atria)

As the pandemic reduces the occupancy of nursing homes, the Long Island-assisted community promises to vaccinate residents who sign the contract by January 26.

Atria Senior Living has included a promise in marketing materials for its Atria Bay Shore property and has also listed 60 vaccine clinics scheduled for its U.S. properties by February, according to Bloomberg.

Atria also reduced relocation fees and offered free months of rent on many of its 150 U.S. properties to attract potential residents, some of whom may be reluctant to move, given Covid-19’s risks to older people.

Real estate occupancy for the elderly fell to a record low of 80.7 percent in the fourth quarter, according to Senior Housing News, in part due to new inventory coming to market.

The growing share of operators is addressing low occupancy. About 40 percent of operators have occupancy below the market average of 80 percent, compared to 29 percent in the second quarter of 2020.

The US population is still growing and long-term demand for real estate for the elderly is expected to remain strong. While the short-term picture is less than rosy, investors do remained active in the sector.

Investment sales and development continue despite the pandemic, including many in Florida.

[Bloomberg] [Senior Housing News] – Dennis Lynch

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