Banner

Training Trivia

It is wise and acceptable to use a criminal background check to eliminate any candidates with a criminal record prior to getting to final interviews when hiring.
Powered by Grace Hill
 
 
Total votes: 31
Home Insider Blogs Matt DiChiara's Blog Search Data Shows Renters Tripling Up and Saving Money
Enter your email address for weekly access to top multifamily blogs!

Apartment Blogs


Sep 29
2009

Search Data Shows Renters Tripling Up and Saving Money

 Print

Posted by: Matt DiChiara on Sep 29, 2009 01:00

Tagged in: Untagged 

Hello Insiders,

 MyNewPlace recently conducted a survey of internal data and found that renters across the nation are increasingly searching for 3 BR apartments instead of 1 BR apartments. The trend began right after the official beginning of the recession, in 2007. Nationally, 3 BR apartment searches overtook 1 BR searches in the first quarter of 2009.

apartment search data 

The immediate conclusion is that renters are doing this to save money, as it is much less expensive to split the cost of an apartment or rental home than it is to live by yourself. We calculated average savings for ten top cities as well as providing the search trends for those cities below:

Please let me know if you would like me to provide a graph and calculate average savings for a particular city.

To see the full press release please see MyNewPlace Press Releases.

 Below are some major metros from around the nation:

 Washington DC : 3-bedroom searches in the area around the nation's capital has grown by 87%, with renters saving as much as $800/month.

 Philadelphia:  3-bedroom searches doubled, with an average savings of $490/month.

 

Atlanta saw 1-bedroom searches decline by half and 3-bedroom searches more than double, saving renters $413/month

    

San Jose: Renters saved $600/ month by moving to 3 bedroom apartments

 

Chicago: 3 bedroom searches doubled, with an average savings of around $560/ month.

 

Denver: Renters doubled 3 bedroom apartment searches to save around $350/month.

Los Angeles: In LA, the trend is not as pronounced even though an average savings of $525/month is available.

 

Seattle: A dramatic increase of 113 percent for 3 bedroom apartment searches resulted as renters saved as much as $500/month. 

 

Las Vegas has among the highest growth in 3-bedroom searches nationwide, and each roommate could be saving $360/month.

Boston: area Renters tripling up at quite the rates of the rest of the cities on our list, but they should be-there's up to $880/month to be saved.

 


Comments (2)Add Comment
1969
written by Sergio Navarrete, September 30, 2009
Hey Matt,

We have apartments throughout the south east, and we have definitely noticed this. Now more than ever it is important to improve marketing and advertising efforts. Great stats.

Thank you Matt,
Sergio
864
written by Matt DiChiara, September 30, 2009
Thanks Sergio!

Please let me know if there are any other search statistics that would be valuable or interesting. we have all sorts of metrics that we can look into.

thanks!

Matt
feedSubscribe to this comment's feed
What Do You Think?


security code
Write the displayed characters


busy

Insider Blogs

Judy Bellack What does the Satisfacts Research survey on “All That Apply: ... written by Judy Bellack
NAA’s UNITS magazine published a Satisfacts Research survey in their April issue titled “All That Apply:  Residents’ Leading Marketing Sources.”  The web-based survey queried 34,000 apartment residents who had m ...   (Read More)

Brent Williams Fair Housing Does Have “Costs” And Should Be Part Of The Dis ... written by Brent Williams
I have a one year old daughter, so when I think about where I want to live, one of the major elements is simply whether there are other families with young children in the area.  So imagine me touring an apartment community and asking if there a ...   (Read More)

Buildium LLC Why Should You Get a Property Manager? written by Buildium LLC
A guest post by Gabriel Knight, Mortgage Fit, Chicago, IL While rental property investment might look like a rewarding and positive venture, managing both tenants and properties can be overwhelming. As such, you may need to hire a professional proper ...   (Read More)

Talisa Lavarry Kids and Pets- A Key piece to your Resident Retention Puzzle written by Talisa Lavarry
Let’s face it. Major media moguls have known for years that the best way to evoke emotions…I’m talking warm and fuzzies is with kids and animals. Children and pets are a universal symbol of pure love. It’s just understood tha ...   (Read More)

Nadeen Green A horse is a horse, of course, of course... written by Nadeen Green
And now you will have that lovely ditty in your head for the day.  (You’re welcome – LOL.) Today’s post is about the use of miniature horses as guide animals for the blind.  I have found when teaching that I often get skep ...   (Read More)

Read More Blog Posts