Senior Living Operators Holding Firm on Rates, With Fewer Discounts Offered 

Senior living communities across the U.S. are showing discipline by keeping rates steady, as revealed by a survey conducted by Bild and Co. In the first quarter of 2024, 63% of communities surveyed did not offer any discounts, reflecting a 7% increase from 2023. The most common discount offered was reduced or discounted rent, with 11% of communities providing this option. Operators that did reduce rent typically offered discounts for one to two months, with average rate reductions of $1,958. Despite the decreased percentage of rent reductions, those that were offered in 2024 were higher than in previous years. Community fees have also seen an increase, with an average fee of $4,152 in 2024 compared to $2,889 in 2023. Rent rates have continued to rise, with most increases falling between 3% and 3.9%. Newer communities are experiencing annual rate increases between 7% and 10%. Overall, senior living operators are holding firm on rates and offering fewer discounts.