Q2 - 2022 Market Analysis Rates and Occupancy

Quarter 2 Market Analysis Introduction

Table of Contents
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    In July of 2022, Bild&Co conducted 53 market surveys across three major regions, listed below. Review the Table of Contents to navigate the data for specific topics;
    • Occupancy
    • Specials/Incentives
    • Rate Increases
    • Community Fees
    • 2nd Occupants and Waitlists
     

    *Data is Assisted Living and Memory Care focused.

    Occupancy, Rates, and Incentives

    Occupancy Averages for Each Region Categorized by AL/MC

    Assisted Living and Memory Care

    No Data Found

    The above chart reflects the average occupancy for each region based on Memory Care or Assisted Living. A few trends with this data are:
    • Cleveland has a lower Memory Care occupancy (78.42%) average than Assisted Living (83.94%).
    • Columbus has similar occupancy in Assisted Living (77.13%) vs Memory Care but still has a higher Memory Care (78.03%) occupancy.
    • Indianapolis has the highest Memory Care (86.49%) occupancy and the highest Assisted Living (92.18%) occupancy compared to the other regions.

    Community Occupancy Averages for Each Region Including IL/AL/MC

    *11 communities had IL Services
    %

    Cleveland

    %

    Columbus

    %

    Indianapolis

    The above progress circles reflect average occupancy for each region. Overall, we can see that Indianapolis has the highest community occupancy average.
    • Both Cleveland and Indianapolis are above the industry occupancy average for Q2-2022.
     

    Special Rates and Incentives/Discounts from Each Community

    Count of Responses on Specials For Each Region

    No Data Found

    Above is the summarized heat map of how many communities offered a discount or special vs how many did not or potentially would.
    • On the initial mystery shop call, the communities did not offer discounts, but it was split depending on the situation and the potential to offer a discount.
    • Many communities would potentially consider a discount and asked that the prospect come in and tour to see what the community could do. Other responses including comparing competitors discounts and that would determine if there may be a discount as well.
    • The most common discount being offered was to waive or reduce the community fee. Otherwise almost half of the communities shopped, did not offer any discounts at all
    **Below you can see the individual special or discount and how many communities responded with that answer. There are many unique offers. Move your cursor over the images to pause the slide show.
    No specials now but may work to discount community fee.
    # of Communities With This Discount5
    No discounts offered.
    # of Communities With This Discount26
    Rent reduction and community fee waived
    # of Communities With This Discount1
    Rent reduction and amount credited to pay some mover fees.
    # of Communities With This Discount1
    Amount off of first 3 months and amount credited to pay some mover fees.
    # of Communities With This Discount1
    Amount off the cost of move-in. Would consider a discount off the entrance fee.
    # of Communities With This Discount1
    Community fee reduction or waived completely, or assistance with move in fees.
    # of Communities With This Discount8
    Discounted rent on studios. Might be willing to give us a rate freeze for two years or lower the second person fee.
    # of Communities With This Discount1
    First month free and reduced rates until the end of the month (varies by size and availability).
    # of Communities With This Discount1
    Memory care has a promotion of $1,005 off for three months.
    # of Communities With This Discount1
    Offers 30% off the room rent. This also drops the community fee because it is equal to one month's rent.
    # of Communities With This Discount1
    Residents with military affiliation receive a $150 monthly reduction in rent.
    # of Communities With This Discount1
    Right now, they are offering a “Peace of Mind Rate Lock”.
    # of Communities With This Discount1
    The discount is $500/ month off rent for a year.
    # of Communities With This Discount1
    The resident has a choice of the community waiving the $2,000 Community Fee or pay $200 less per month for one year.
    # of Communities With This Discount1
    There is a Veteran's discount of $10,000 off the entrance fee. There is a $1,500 discount for those who attended Ohio colleges.
    # of Communities With This Discount1
    They will discount a second apartment for a couple.
    # of Communities With This Discount1
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    Rate Increases and Community Fees

    Count of Rate Increases %

    No Data Found

    The above heat map shows each regions rate increases and how many locations have that rate increase.
    • The average rate increase for these three regions is 2.81%.
    • In the above heat map you can see 3 major location outliers; 11%(Indianapolis), 9%(Columbus), and 6%(Indianapolis).
    • The most common rate increase between the three regions is 3%.
    • Cleveland’s average: 2.75%
    • Columbus’s average: 3.05%
    • Indianapolis’s average: 2.62%

    Community Fees

    All Community Fee Prices

    No Data Found

    The above line graph shows community fees from lowest to highest.
    • The average community fee for each region:
      • Cleveland – $1,477.78
      • Columbus – $1,433.33 
      • Indianapolis – $1,166.66
    •  No communities offered a refund for the community fee.

    2nd Occupant Charges and Waitlists

    •  Between all three regions, the average 2nd occupant charge is $679.06
      • Cleveland’s 2nd occupant charge average – $657.00
      • Columbus’s 2nd occupant charge average – $741.94
      • Indianapolis’s 2nd occupant charge average – $635.82
    %
    72% of locations do not have a waitlist.

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