Q1-24 Move-In and Move-Out Analysis
Author:
Traci Bild
Date Posted:
July 17, 2024
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Q1-24 Move-In and Move-Out Analysis For Senior Living Communities
Bild & Co analyzed 50+ senior living communities in Q1-2024. 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: 24 different states
Time Periods Data Analyzed: 1/1/2024 – 3/31/2024
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 2023 (excluding death and unknown reasons) is residents needing a higher level of care.
- Move-ins originated substantially from professional referral sources, APFM, and other paid referral sources, encompassing 46.2% of all Q1-24 move-ins.
- The average length of stay for a resident in 2023 was 682 days and has decreased in Q1-24 to 547 days.
Top 5 Reported Move-In Sources in Q1-24:
- Professional Referral Sources (24.6%)
- APFM/Paid Referral Sources (21.6%)
- Internet/Website/VSA (21.5%)
- Billboard/Drive by (12.7%)
- Family/Friend/Resident (8.8%)
Top 5 Reported Move-Out Reasons in Q1-24
- Death (48.8%)
- Needs Higher Level of Care (13.9%)
- Financials (13.3%)
- Returned Home (7.4%)
- Unknown (6.75%)
- Previously in Q1-2023, the average was 82 days. Compared to Q3-2023 and Q4-2023, which both saw an average of 64 days. In Q1-2024, the average number of days from inquiry to tour is reflecting a bit higher at 87 days.
- In 2023, we saw 170 days from inquiry to move-in. Looking back to Q1-2023, the average was lower at 116 days but higher towards the end of the year. Now in Q1-2024, we are seeing roughly 153 days from the time of inquiry to move-in.
About the Author: Traci Bild
Traci Bild, Founder of BILD & Co and BILDX, has revolutionized the senior living industry for over two decades. Her innovative sales and marketing strategies have positively impacted 80% of the top 100 senior housing operators in the U.S., U.K., and Canada. An accomplished author of four books, including "Zero Lost Revenue Days," Traci's expertise is frequently featured in CBS Sunday Morning News, Wall Street Journal, BBC, Senior Housing News, and McKnight’s Senior Living. Her firm, BILD & Co, is a Great Place to Work and ranks among Inc. 5000’s Fastest Growing Private Companies.
