The senior living industry is beginning to stabilize after a few “very challenging years,” driving the need for operators to gain a competitive edge through data to drive marketing decisions, according to a new report from a real estate economist.
Bend, OR-based digital marketing firm G5 and LeaseLabs developed “cheat sheets” in a Senior Living State of the Industry report to understand what’s happening in 14 major metropolitan markets across the nation. The snapshots provide data on population changes, digital marketing benchmarking statistics, occupancy and rent changes, and inventory between August and December 2021.
When it comes to claiming the highest population of older adults 65 and older, Miami came in first out of the 14 metros, with 18.7%, followed by Detroit (16.9%) and Philadelphia (16.4%).
Looking at monthly averages by property between August and December 2021, benchmarking data reveal that Philadelphia operators posted the most organic customer sessions, at 401, followed by Atlanta (390) and Miami (342).
Turning those organic sessions into inquiries, Boston operators had the highest conversion rate, at 30%, followed by Detroit (16.7%) and Philadelphia (14.5%).
In terms of ad sessions, Chicago operators posted the most, at 620, followed by Los Angeles at 507 and San Diego at 458. Turning those ad sessions into inquiries, Miami operators came out on top, at 32.3%, followed by Orlando and Dallas / Fort Worth (each 25.8%), and San Diego and Detroit (each 12.3%).
Portland, OR, operators spent the most per ad session inquiry, at $183.11, followed by Denver at $17.89 and Seattle at $146.35. Denver operators spent the most on total monthly ads, at $2,136, followed by Chicago at $2,051 and Dallas / Fort Worth at $1,981.
Chicago operators were most successful in achieving inquiries through forms or calls, with 501, followed by Miami at 451 and Orlando at 444.
Los Angeles operators claimed the highest average fourth-quarter rent in 2021, at $5,351, followed by Boston at $5,245 and Seattle at $4,900.
Minneapolis operators achieved the highest market penetration, at 23.5%, followed by Portland, OR (21.4%) and Seattle (16.7%)
G5 / RealPage Director of Research and Analysis Carl Whitaker said the report is unique in providing benchmarks for the seniors housing industry.
“The report helps ‘de-silo’ once separate data points and aggregates cross-channel marketing data into streamlined summaries,” Whitaker told McKnight’s Senior Living. “This removes the need for stitching together data across multiple channels.”
Whitaker said that G5 takes the data one step further by making it actionable through its data science and expertise.
“This report blends predictive analytics alongside applied marketing knowledge to guide users through a targeted, intelligent and overall engaging researching journey to help gain a competitive edge on the marketplace,” he said.
