“Red-hot inflation’ drives senior living asking rates to record high”

“‘Red-hot inflation’ drives senior living asking rates to record high,” by Kathleen Steele Galvin, McKnight’s Senior Living


Quote:

“Senior living asking rates were driven to record highs in June compared with the previous year, as the Federal Reserve raised interest rates in response to ‘red-hot inflation,’ according to Omar Zahraoui, senior data analyst at the National Investment Centers for Senior Housing & Care. Asking rates rose across independent living, assisted living and memory care communities, he wrote in the September NIC Insider newsletter, ‘despite the market’s still relatively low occupancy levels in general.’ Independent living had the largest year-over-year increase at 9.4% in June, followed by memory care at 8.9% in April and assisted living at 8.7% in April.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Wait, I thought high demand and low supply were supposed to drive up prices. But here we have low demand and high supply with senior living prices ascending. As usual government has its thumb on the economic scale. Senior living and long-term care in general will bear the brunt.