Demand for apartment housing continues to be strong in the first two months of 2015 and appears to be on the rise, according to a recent RentPath analysis of apartment search activity on its network of websites, which includes Apartment Guide, Rent.com, Rentals.com and Lovely.
In January, generally a slow leasing month for apartment owners and operators, RentPath found that search activity on its network of websites increased 24% compared with activity in January 2014. In addition, the company delivered more leads than ever before in a single day on March 2nd with 148,000 advertiser leads.
“The amount of activity we’ve seen on our network of sites and the record leads we’re delivering not only confirms many of the recent reports we’ve seen based on surveys, but also indicates that it will continue heading upwards in 2015,” said Scott Asher, vice president of marketing and operations for RentPath. “Apartment search activity on our network of sites is a strong leading indicator of demand for apartment housing, as it’s where renters begin searching for apartment homes. The more new renters we see visiting our sites and reaching out to apartment communities, the more new leases apartment communities will secure in the months ahead.”
RentPath’s network of sites received nearly 9 million unique visitors in January of 2015, according to comScore, which is a 24% year over year increase over the 7.2 million unique visitors the network received in January 2014. Apartment Guide saw 5.6 million unique visitors, Rent.com garnered 2.8 million and Rentals.com received 2.6 million. The total number of unique visitors was nearly 1 million more than were realized in each of the peak leasing season months of April, May, June, July and August of 2014.
The majority of the visitors to the websites come from Google where RentPath owns a category leading 47% of the organic click share, which is three times as many as any other digital marketing platform in the multifamily industry, according to Hitwise.
RentPath, whose data indicates that it delivers more, qualified leads to apartment communities than any other Internet listing service, also continues to break records in the number of leads it is delivering to clients. Its total leads in February across RentPath increased by 31% compared to its leads in February 2014.
Recent reports on construction activity and surveys with marketers also seem to point to continued strength in apartment demand during 2015. Freddie Mac reported that the low unemployment rate, economic growth and the number of Millennials entering the marketplace indicate strong demand through 2015. Additionally, the National Multifamily Housing Council Quarterly Survey recently reported the Market Tightness Index fell, while the Equity Financing Index rose pointing to a continued strong demand for apartment housing. The organization also reported on March 3rd that the number of American renters has increased by more than 8 million in the last decade.
“It’s no secret that the apartment market has been and continues to be hot with continued occupancy growth despite newly constructed apartment homes coming online at a rapid pace,” Asher said. “But the fact that more consumers are searching for apartment homes during January of 2015 than during the peak leasing months in the past is a really good sign that the demand for apartment housing is on the rise.”
RentPath, a leading digital media company, has a long-standing heritage in the real estate industry to empower millions of people nationwide to find apartments and houses for rent. RentPath’s category-leading brands include Apartment Guide, Rent.com, Lovely, Rentals.com, and RentalHouses.com. In total, its network of websites reached nearly 9 million unduplicated unique visitors in January 2015.