Senior Housing Investment Reaches $32.2 Billion as Occupancy Recovers

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In brief: Investment sales in U.S. seniors housing reached $32.2 billion over the four quarters ending in the second quarter of 2026, up 74% year over year, according to Walker & Dunlop’s 2026 Seniors Housing Outlook.

The company’s industry outlook reports second-quarter transaction volume of $6.8 billion, up 44% from a year earlier. National occupancy reached 90.1% in the second quarter, compared with 88.4% one year earlier.

More capital chasing limited supply

REITs represented 36% of transaction volume, compared with 15% in 2023, according to the report. Annual rent growth reached 4.7% in the second quarter, marking 17 consecutive quarters above 4%.

New construction remains constrained after years of declining starts. Walker & Dunlop argues that this scarcity, combined with improving occupancy, is drawing investors back into the sector. Its outlook also warns that operator quality, financing costs and local market conditions remain important risks.

The $32.2 billion is a trailing-four-quarter transaction figure, not a single-quarter or single-day financing announcement. The 90.1% occupancy figure refers to the second quarter, not a newly measured October occupancy rate.