Costs

Most assisted living spaces are rented, not purchased. The major exception is assisted living as part of a continuing care community.

Basic Rent

Rent depends on the size of the living space. A small room with no cooking facilities will cost much less than a spacious one-bedroom apartment with full kitchen. The rent also varies with the amount of services and staff provided, the location and the overall condition of the facility. And some facilities offer more than one type of rental agreement: A limited contract may include fewer meals and personal assistance than an inclusive or extensive agreement that includes all the services the facility has to offer. Given all these variables, rent for an assisted living unit generally runs 50% to 100% higher than for a comparable independent living unit in the same facility. But it will still be one-third to one-half the cost of a nursing facility of the same quality, in the same area.

Rent Increases

As with any other rental housing, you must consider how much your rent may go up over time. A lease can guarantee the rent for a year or two. After that, rent increases are completely within the discretion of the facility's ownership, unless a yearly limit is included in your rental agreement. If there is no limit, check the facility's record of rent increases over the previous five years. If they have raised rents in large chunks, you have to consider whether they will price you out of your apartment in years to come.

Additional Fees

Some assisted living facilities charge fees in addition to rent. There may be a one-time non-refundable entrance fee. And there may be a fee for certain services not included in the basic assisted living contract, such as extra or delivered meals, extra housekeeping service, local transportation fees or personal care beyond the standard level of care offered in the facility.