Senior Housing News August 29, 2024
Independent living move-in rates in the second quarter of 2024 saw a “noticeable slowdown” compared with the same period in the previous year. The rate of steep discounting is also now higher.
According to a new NIC MAP Vision Actual Rates report, discounts between asking rates and initial rates “reached new highs” for all care types in the second quarter of 2024. Operators in independent living reported the steepest discounts.
Discounts between asking rental rates in independent living communities averaged about 16% in the second quarter of this year, an equivalent of 2.1 months of “free rent.” That’s compared to the asking rate of the communities, which increased from 1.4 months in June of last year.
Discounts in assisted...
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