Independent Living Operators Accelerated Discounting In 4q25 Compared To Assisted Living, Memory Care

The delta between in-place and asking rental rates widened for independent living in the fourth quarter of 2025.

That’s according to information released by the National Investment Center for Seniors Housing and Care (NIC) as part of the 2025 NIC MAP Actual Rate Report.

Discounts between asking and initial rates averaged 12.1%, or around $581, in December 2025. That amount is roughly the equivalent of 1.5 months of rent, and it has risen compared to the 0.8 months discounts covered on average in September 2025.

Assisted living also saw an increase in discounts, though not to the same extent as independent living. Average initial rates for the segment 8%, or $556, below asking rates in December, which translated to a one month discount on an annualized basis, according to the report. That is up from the 0.9 months discount seen in September.

Discounts in memory care, on the other hand, saw a decrease between September and December. At the end of the year, discounts for the segment averaged 8.2%, or $750, and translated to a one month discount, down from 1.3 months.

Alongside this, move-ins outpaced move-outs for both independent living and assisted living, while memory care remained flat between September and December. Independent living averaged 2% of move-ins compared to 1.6% move-outs; assisted living averaged 3% move-ins compared to 2.8% move-outs; and memory care averaged 3.3% of inventory for both move-ins and move-outs.

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