Senior housing occupancy has continued its multi-year recovery, returning to and in several markets exceeding pre-pandemic levels, according to industry tracking organizations.

Family-office allocators view the sector as a defensive complement to traditional multifamily, citing aging-population tailwinds and limited supply pipeline.

Independent living and assisted living are seeing the strongest fundamentals, with memory-care selectively favored in markets with above-average household incomes.

Operator selection and brand reputation remain the most cited risk factors among private capital underwriters entering the asset class.