This February report highlights the average number of days between inquiry and move-in decreased by 24.5% in February 2024. This was a substantial gain in the marketplace considering the average number of days fell from 106 to 80 for the same time last year. The report supports a shorter timeline to make a move to senior living by the increase in census during February of 10%.
Initial Tours were up from January of 2024 and Move-ins stayed stable, while the Move-outs were down from the same time last year and from January 2024. Gentle shifts in the marketplace support the volume of inquiries within communities by looking at the increase in inquiry activities, within communities. A further dive into this data set revealed that communities were busy connecting via text, email, and phone conversations and a significant increase in secondary and tertiary tours.
Cash receipts were on trend with the last six months and continue to trend up over the same period of 2022/2023. Rent roll room rate and service fees saw a gentle incline in February, while the monthly fees and assessment fees took a dip. Rolling into March and rounding out the first quarter of 2024, a concentrated focus on databases and external referral sources should be made to increase revenue going into the second quarter. Through a strong lead cultivation system or drip marketing campaign found within Move-N, marketing efforts can be enhanced at the touch of a few simple keystrokes.
