75+ U.S. Seniors Housing & Care industry leaders responded to the latest investor survey
Key Takeaways:
- U.S. senior living property market fundamentals continue to trend in a positive direction, posting 20 straight quarters of stabilized occupancy growth, reaching 90% in the fourth quarter of 2025, the highest level since 2017.
- Net absorption outpaced supply growth by 4.8 to 1 in 2025, as the number of units under construction reached the lowest level since 2012, at 2.3% of inventory, while construction starts remain near historic lows.
- Active Adult communities continue to gain momentum in the market, achieving favorable rent growth indications that are consistent with conventional senior living, stabilized occupancy at 95.7%, with operating expenses and debt underwriting that is more consistent with conventional multifamily.
- Senior living valuations experienced significant recovery in 2025, up over 10% year-over-year, as capitalization rates compressed by 25 to 50 basis points, with the return of capital and increased debt liquidity driving a very competitive investment market.
- Of the 75+ senior living & care professionals who participated in Cushman & Wakefield’s investor survey, 71% of participants expect capitalization rates to decrease through 2026, a shift from 33% of respondents who expected cap rate compression at the start of 2025.
Download the report for complete survey results, industry trends and key valuation indices.
