In July 2024, data revealed an increase in inquiries compared to the previous month, marking the highest level in the past three months. However, there was a 21% decrease in inquiries compared to the same time last year. Despite this dip, census numbers have shown consistent growth each month in 2024 compared to the previous year, with July reaching a high of nearly 4.5%. This upward trend indicates a steady interest and demand for senior housing, even as inquiries fluctuate. Tours have remained stable, although there has been a slight decrease compared to July 2023, suggesting that while interest is present, the conversion from inquiry to tour might require further attention.
Move-ins have been on the rise throughout 2024, with occupancy levels nearly reaching the highs seen in February 2024. This increase highlights the effectiveness of assessments as a key driver in the process, with a notable user increase of 16 percent. Additionally, there has been a significant increase of 35.5 percent in the average tour-to-move-in conversion, indicating a longer decision-making process for potential residents. These trends underscore the importance of maintaining strong engagement and follow-up strategies to convert interest into occupancy, ensuring that the senior housing market continues to thrive amid shifting dynamics.
