Movin' on up: 85% of Renters Plan to Move in '07
RISMEDIA, Jan. 24, 2007-All signs point to a positive apartment rental
market in 2007 that is fueled by several important growth indicators.
The number of people searching online for apartments continues to
increase year over year. Apartments.com reported record visits to
the site in 2006 with nearly 45 million visits — an increase
of 20% over 2005 — and more than 157 million searches conducted.
The top searched markets
on Apartments.com with the highest growth over 2005 are:
1. Chicago (214%)
2. Los Angeles (203%)
3. Phoenix (182%)
4. Ft. Lauderdale (168%)
5. Atlanta (163%)
6. Detroit (158%)
7. New York (157%)
8. Tampa (156%)
9. Orlando (153%)
10.San Jose/Silicon Valley (144%)
(All percentages reflect 2006 over 2005 growth in searches per specified market on Apartments.com.)
A recent Apartments.com survey reveals that eighty-five percent of renters plan to move to another rental apartment in 2007. In addition, a Harvard University study indicates that the renter population is expected to increase by at least 1.8 million renters by 2015 (The State of the Nation's Housing 2006, Harvard University).
Many factors contribute to the renter's decision to move in 2007. Forty-three percent of renters surveyed cited the desire to move to a larger apartment as their primary reason for moving, followed by thirty-four percent who would like to decrease their monthly rent payment. Most renters plan to stay close to their current apartment as forty-two percent will move within the same city. Eighty-four percent of renters plan to use online sources to research their move.
As part of its monthly "What Renters Want" research series, Apartments.com surveys renters on various topics. For more information on these surveys, to receive a copy of additional survey results or for a comprehensive listing of most searched markets, please contact Lisa DeVries at ldevries@apartments.com.
For more information, visit http://www.Apartments.com.