The senior housing industry has experienced notable fluctuations over the past year, reflecting broader trends and specific challenges within the sector. Inquiries fell by 18%, indicating a significant reduction in initial interest or external factors deterring potential residents from seeking senior housing. Despite this, the overall census increased by 5.9%, suggesting that while fewer inquiries were made, the conversion rate from inquiry to resident improved, or retention rates strengthened. The decrease in initial tours by 9.4% further underscores a reduced engagement from prospective residents or their families, which could be attributed to lingering concerns from the COVID-19 pandemic or shifts in market dynamics. Moreover, the move-in rate also dropped, indicating that fewer individuals transitioned from initial interest to actual residency, which aligns with the downturn in tours and inquiries.
On the operational side, communities maintained a steady level of completed activities despite the decline in inquiries, showing resilience and a commitment to maintaining service quality and resident engagement. Move-outs decreased by 2.4%, reflecting improved retention or satisfaction among current residents. Additionally, assessments rose by 14.8%, which could indicate a more thorough vetting process or an increased focus on resident health and suitability, possibly as a response to heightened health awareness. The average number of days to convert from a tour to a resident stood at 64, providing a benchmark for the industry’s sales cycle efficiency. These mixed metrics highlight an industry in transition, balancing between addressing immediate operational challenges and adjusting to evolving market conditions and consumer behaviors.
