Q2-2024 Move In and Move Out Analysis

BILD analyzed 50+ senior living communities in Q2-2024. This white paper focuses on move-ins and their sources, move-outs and their reasons, and the average length of stay. This study targets multiple states in the U.S. Below is the executive summary and key findings.

Target: 18 different States

Time Periods Data Analyzed: 4/1/2024 – 6/30/2024

Data Reviewed: Move Ins, Move Outs, and Average Length of Stay

Below is a summary of the key findings:

• The most common move-out reason reported in Q2-24 (excluding death) is residents needing higher level of care – roughly 14.6% of move outs.
• Move-ins originated substantially from internet/website sources (34.8% of move ins), and Paid Sources/APFM encompassing 25.6% of all Q2-24 move-ins.
• The average length of stay for a resident in 2023 was 682 days and has decreased in Q2-24 to 469 days.

Top 5 Reported Move-In Sources in Q2-24:

• Internet/VSA (34.8%), Paid Referral/APFM (25.6%), Family/Friend/Resident (16%), Professional Referral (11.7%), Billboard/Drive by (8.1%)

Top 5 Reported Move-Out Reasons in Q2-24:

• Death (47.2%)
• Needs Higher Level of Care (14.6%)       
• Location/Competitor (13.3%)
• Unknown (11.0%)
• Returned Home (8.4%)

• Regarding the number of days from inquiry to tour, in Q1-23, the average was 82 days. Compared to Q3-23 and Q4-23, which both saw an average of 64 days. While in Q1-24, the average number of days from inquiry to tour is reflecting a bit higher at 87 days. And a gradual increase again in Q2-24 to 88 days.

• In 2023 we saw 170 days from inquiry to move in. Looking back to Q1-23, the average was lower at 116 days but higher towards the end of the year. Q1-24 was 153 days from the time of inquiry to move in and increased to 164 in Q2-24.