RentPath Reveals 2015 Apartment Demand is Breaking Records
The start of 2015 came in hot as demand for apartment housing reached a peak. Despite some slow down, demand in Q2 remained strong.
Atlanta—The start of 2015 came in hot as demand for apartment housing reached a peak. Despite some slow down, demand in Q2 remained strong, according to a recent RentPath analysis of apartment search activity on its network of websites, including Apartment Guide, Rent.com, Rentals.com and Lovely.
The total number of leads delivered to apartment companies through RentPath’s network of sites in Q2 increased 13.9 percent over the same quarter in 2014. Leads in April increased 21 percent over the same period last year, May felt a 9 percent increase and June 12 percent. Overall leads halfway through the year are 21.1 percent greater than the halfway mark last year.
“Every month of 2015 has seen a spike in leads, and that’s a trend we don’t believe will be disrupted anytime soon,” said Scott Asher, vice president of sales operations for RentPath. “The fact that a significantly larger number of prospective renters are actually filling out a contact us form or calling a community through our network of sites is a strong indicator that demand continues to be strong. And July characteristically has been our busiest month, so there is a high probability we will begin the second half of the year with a bang.”
RentPath delivered the largest raw number of leads in a single month in its history, bringing in 3,120,349 in June. That record is expected to be surpassed in July. RentPath delivered 3,058,317 in July 2014.
During the month of June, a few markets had noticeable lead growth. The top five lead growth markets in June were:
- Southeast Florida (30 percent)
- Orlando (23 percent)
- San Diego (19 percent)
- Tampa (14 percent)
- Detroit (nine percent)
“Trends across the nation, including a nearly across-the-board increase in rent prices, point to high demand,” Asher said. “After a sensational Q1, another strong quarter indicates the market is continuing to flourish.”
The leads process begins on Google, where potential renters start their search for an apartment home and RentPath’s network of sites owns a category leading 42 percent of the organic click share, according to Hitwise. RentPath does not count a prospective renter’s activity as a lead until they fill out a “contact us” form or call the number associated with the listing.