The senior housing communities experienced a positive shift in occupancy during the typical summer slowdown, with the Census showing an increase of just over 2% compared to a year ago. This positive trend is primarily supported by an 8% increase in Residents with Assessments, indicating a stable resident base and less turnover. Further supporting this is a notable 57% increase in Average Tour to Move-In Conversion Days. This suggests that new prospects are waiting for occupancy turnover, which is supported by fewer move-outs (a 28.67% decrease).
While inquiries and initial tours were down for the month, which is to be expected during the heat of August, the financial metrics showed a steady trend of improvement. The communities have also seen a significant shift in marketing focus, with marketing activities increasing from July to August. While the year-over-year data reflects a 9% decline, this positive month-over-month trend may indicate a renewed focus on specific marketing channels. This all points to a stabilizing and healthy performance for the communities despite the seasonal challenges.
