Q3-2024 Senior Living Market Rates & Square Footage Case Study
Author:
Traci Bild
Date Posted:
October 23, 2024
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In Quarter-3 of 2024, BILD conducted over 280+ individual Market Surveys on senior living communities across the nation. Below is the executive summary and the data trends that were uncovered regarding unit pricing, and the changes since 2022, for each care service (IL, AL, MC).
Target Regions: U.S Market Areas (percent of shops) – East Central (27%), West Central (23%), Pacific (20%), Atlantic (17%), Mountain (7%), New England (6%)
Target States: AL, CA, FL, IL, IN, KY, MA, MD, MI, MO, NV, OH, TN, VA
Time Periods Data Analyzed: 7/1/2024 – 9/30/2024
Below is a summary of the key findings:
- Independent living studio prices range between $4,150-$4,187, with an average size between 432-467 sq. ft.
- Assisted Living one-bedroom prices range between $6,055-$6,604, with an average size between 542-673 sq. ft.
- The average companion suite price in memory care ranges from $4,759-$7,673 and has an overall average of $6,206 per month. The average size of a companion suite is 477 sq. ft., ranging from 365-590 sq. ft.
- Independent Living and Assisted Living pricing has increased 40%+ since 2022, and Memory Care has increased an average of 24% in pricing since 2022.
Independent Living Rates Summary:
Independent Living Rates by MSA:
Assisted Living Rates Summary:
Assisted Living Rates by MSA:
Memory Care Rates Summary:
Memory Care Rates by MSA:
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.
