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.
