Senior living operator promises vaccine with a lease

Atria Senior Living promises vaccines to residents. (Getty, Atria)

Atria Senior Living promises vaccines to residents. (Getty, Atria)

As the pandemic drives down occupancy at senior living properties, a Long Island assisted living community is promising vaccines to residents who sign a lease by Jan. 26.

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

Atria has also discounted move-in fees and offered free months of rent at many of its 150 U.S. properties to entice potential residents, some of whom may be hesitant to move in, given the risks of Covid-19 to the elderly.

Occupancy at senior living properties dropped to a record low of 80.7 percent in the fourth quarter, partly because of new inventory coming to the market, according to Senior Housing News.

A growing share of operators are dealing with low occupancy. Around 40 percent of operators have occupancy rates below the market average of 80 percent, up from 29 percent in the second quarter of 2020.

Still, the U.S. population is growing older and long-term demand for senior living properties is expected to remain strong. While the near-term picture is less than rosy, investors have remained active in the sector.

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

[Bloomberg] [Senior Housing News] — Dennis Lynch 

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