Private-pay senior-housing communities average rate was at 85.1% in the 31 largest U.S. markets for the fourth quarter of 2023. While that is still 2 percentage points below the first quarter of 2020, it is up from its pandemic low point, 77.8% in the first half of 2021. Rent increases, meanwhile, have been outpacing inflation, with independent living costing an average initial rate of $4,126 a month in December and the more intensive assisted-living units costing $6,422.