With a year-over-year 65 percent increase in traffic to the ForRent.com family of sites in August 2010, it is evident consumers are still actively seeking rental options despite the seasonal downtrend at this time. This finding supports the August 2010 quarterly survey conducted by the National Multi-Housing Council (NMHC), which identified a shift in consumer mentality toward short-term rental agreements and away from long-term mortgage debt.
According to this survey, market conditions are more favorable for property managers as more and more consumers are turning to rentals as housing solutions. The survey shows that 64 percent of respondents said conditions for multi-family borrowing were better than last quarter. In addition, more than 2.5 million renters visited the ForRent.com family of sites in August 2010. That is a 65 percent increase from August 2009.
“We are pleased to see the increase in traffic and attraction to apartment renting,” noted Terry Slattery, president of For Rent Media SolutionsTM, a division of Dominion Enterprises. “According to coStar, a commercial real estate information company, 90 percent of the top apartment markets in the nation experienced demand growth as leasing activity improved during the first half of 2010.”
The decline in home ownership is driving more consumers to an apartment living lifestyle.
Find coStar’s complete analysis here.