Active Adult (AA)
Active adult rental communities are age-eligible, market-rate, multifamily properties focused on enhanced lifestyle programming without providing meals. To qualify, at least 80% of units must be occupied by residents 55+, and the property must adhere to HUD age-verification regulations. These communities are distinct from traditional seniors housing in that they do not provide meals, care services, or housekeeping — residents are largely independent and the emphasis is on social programming, amenities, and an active lifestyle.
Independent Living (IL)
Independent living communities serve the healthiest residents among seniors housing and care properties. They offer a lifestyle-oriented option that includes hospitality services such as meals, housekeeping, and freedom from home maintenance. IL is often chosen by seniors seeking increased social interaction while reducing routine chores. Unlike active adult, meals are included and a broader hospitality package is bundled into the monthly fee.
Assisted Living (AL)
Assisted living serves residents with more needs than those in independent living, but fewer than those typically in nursing care. Residents generally do not require 24/7 medical attention. The service mix emphasizes hands-on support with activities of daily living (ADLs) such as bathing, dressing, and medication management, alongside housing and hospitality services.
Memory Care (MC)
Memory care is a specialized care segment, typically serving residents with Alzheimer's disease or other forms of dementia. It is often found as a dedicated wing or secure floor within an assisted living property, though freestanding memory care communities are becoming more common. The service package includes all assisted living services plus specialized memory support programming.
Nursing Care (NC)
Nursing care properties (also called skilled nursing facilities or SNFs) provide the highest level of care in the seniors housing continuum. They differ from the other segments in several important ways: they rely on Medicaid and Medicare for over two-thirds of revenue (versus predominantly private pay for other segments); they serve both long-stay custodial care residents and short-stay post-acute patients; and they are more directly impacted by changes in federal and state healthcare policy and funding.