2022 - Q2 Market Analysis Report

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 like;
    • Occupancy
    • Unit info/prices
    • Care charges and what is included in the care
    • Services and amenities

     

    *Data is Assisted Living and Memory Care focused.

    AL Unit Sizes and Pricing

    AL Care and Care Pricing

    AL Care and Care Pricing

    Occupancy, Rates, and Incentives

    Occupancy averages for each regions 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 its’ Assisted Living (83.94%).
    • Columbus has very 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.
    • Occupancy is at it’s all time high since in Q2-2022 of 81.4% according to the NIC’s 2022 Average Q2 Occupancy report. 

    Community occupancy averages for each regions including IL/AL/MC

    *11 communities had IL Services
    %

    Cleveland

    %

    Columbus

    %

    Indianapolis

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

    Special rates and incentives/discounts from each community

    No Data Found

    Above you can see the summarized version of how many communities offered a discount or special vs how many did not or potentially would.
    • Largest trend is no discounts being the top commonality but also Cleveland and Columbus did have some locations that would offer discounts as well, while Indianapolis was split between either offering a discount or potentially offering a discount.
    • Many communities that answered potentially would discount did ask that the prospect come in and tour and they would see what they could do. Other responses including comparing competitors discounts and that would potentially 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. Below 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 $1005 off for three months.
    # of Communities With This DiscountResponses1
    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 DiscountOTAL Responses1
    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 refund availability

    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 3 regions is 2.81%.
    • Outliers include 11%, 9%, and 6%.
    • The most common rate increase between the three regions is 3%.
    • Cleveland’s average: 2.75%
    • Columbus’ average: 3.05%
    • Indianapolis’ average: 2.62%

    Community Fees

    All Community Fee Prices

    No Data Found

    The above line graph shows each 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.
    •  Between all 3 regions, the average 2nd occupant charge is 679.06
      • Cleveland’s 2nd occupant charge average – $657.00
      • Columbus’ 2nd occupant charge average – $741.94
      • Indianapolis’ 2nd occupant charge average – $635.82
    %
    72% of locations do not have a waitlist.