Walker & Dunlop, Inc. today released its 2026 Seniors Housing Outlook, revealing a sharp acceleration in investment activity as institutional investors and REITs capitalize on rising occupancy, sustained rent growth, and historically constrained new supply.

Seniors housing transaction volume surged 74% year over year to $32.2 billion on a rolling four-quarter basis, according to NIC MAP. With occupancy surpassing 90% and construction at its lowest level since 2012, strengthening fundamentals are fueling investor competition, supporting asset valuations, and creating new opportunities for acquisitions, financing, and selective development.

“Seniors housing has become an increasingly attractive investment opportunity as institutional capital returns to the sector,” said Kevin Giusti, senior managing director of Capital Markets Real Estate Finance at Walker & Dunlop. “With occupancy climbing and new construction at historic lows, competition for quality assets is intensifying. We are seeing stronger buyer demand translate into compelling opportunities for owners looking to capitalize on today’s market.”

Key findings from Walker & Dunlop’s 2026 Seniors Housing Outlook include:

  • Investment volume jumps 74%: Rolling four-quarter transaction activity reached $32.2 billion, fueled by growing institutional and REIT interest.

  • Occupancy breaks 90%: National occupancy reached 90.1% in Q2 2026, up from 88.4% a year earlier.

  • Construction hits a 14-year low: Just 23,700 units were under construction, the lowest level since 2012, tightening supply amid rising demand.

  • Rent growth remains resilient: Annual rent growth reached 4.7%, marking 17 consecutive quarters above 4%.

  • Capital competition intensifies: Banks, life insurers, agency lenders, and alternative capital providers are expanding financing options as development opportunities selectively reemerge.

  • Development returns selectively as rising acquisition prices improve the economics of new construction in markets with favorable demand and achievable rents.

Reflecting the sector’s growing financing needs, Walker & Dunlop has strengthened its seniors housing capabilities with the additions of Matthew Kuronen and Michael Cregan, both managing directors of Capital Markets Real Estate Finance specializing in seniors housing finance. Based in Needham, Massachusetts, and Houston, Texas, respectively, they will advise owners and investors nationwide on debt and equity financing solutions.

“We’re building on the momentum of our seniors housing platform by bringing in experienced professionals who strengthen our ability to serve clients nationwide,” said TJ Edwards, senior vice president of Capital Markets and chief production officer of Real Estate Finance at Walker & Dunlop. “Matthew and Michael bring valuable industry expertise and established capital relationships that complement our existing capabilities, allowing us to deliver more comprehensive financing solutions and support clients across a broader range of investment strategies.”

With demand continuing to outpace new supply, Walker & Dunlop expects investor interest to remain strong as the sector enters its next phase of growth. Read the full 2026 Seniors Housing Outlook here.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

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