In over ten years of business, we have never seen the incentives and promotions we are seeing now in assisted living and senior living apartments. Not all options are offering discounts but many are.
• Community fee waived (a $2000 value on average) or greatly reduced.
• Money towards your move, up to as high as $5,000.
• Monthly rent locked for two years.
• Two months of rent free.
For one client looking at assisted living in early June the amount of the incentive was nearly $11,000 on a 1 bedroom assisted living unit.
COVID created more openings in assisted living. (This is not true with memory care, by the way). With the pandemic nearly over, senior living is approaching a more “back to normal” atmosphere with dining and activities. Seniors are all vaccinated and the risk of COVID has decreased. Thank goodness!
Promotions Cause for Concern?
Should you be concerned with an incentive? Here are some questions to ask.
What is their census? Why are they offering the incentive? Have they done this before and when? What if you have an incentive and then move out for some reason? After all, in senior living you just need to give notice 30 days before you vacate, typically before the end of a onth
In the senior living industry, it is common to see incentives when census in the community is down. The best way to raise revenue is to get move ins which they hope will result in long term residents. Typically, it is the investor that built the building that is behind the housing incentives. You will not see any discounts on care in senior living.
Homes are Selling Fast
It’s a seller’s market! The current financial benefit to moving now won’t last forever. Some owners are getting $20,000 or more over listing price because of the high demand for housing with interest rates very favorable.
If you or your loved one is considering a move, now is the time to think seriously about it.