Online Rental Search Traffic Indicates Impact of Housing Crisis in Phoenix
MyNewPlace conducted a study of its internal search traffic and has revealed that due to the severity of the housing troubles, Phoenix renters exhibited a disproportionately high tendency to search for rental homes and 3 bedroom apartments over studio, 1 and 2 bedroom apartments.
San Francisco, CA (PRWEB) September 12, 2008 -- MyNewPlace.com, the Web's fastest growing apartment search site recently conducted a study of internal search numbers which indicates that the current state of the housing market is driving more families from home ownership to Phoenix apartments and rental homes.
According to rental search traffic, renters in Phoenix disproportionally searched for rental homes and three bedroom apartments during the second quarter of 2008. Among larger U.S. cities that recorded more than 50,000 quarterly searches on the site, homes for rent in Phoenix were searched nearly three times more often and searches for three bedroom apartments were two times greater than the national averages.
The anomalously high proportion of searches for rental homes versus studio and other smaller apartments correspond with the high property foreclosure rates in the Phoenix market and suggest a retreat from homeownership and a shift back towards the rental market in Phoenix.
A June Case-Shiller study found that Phoenix home prices dropped 27% year over year, one of the steepest declines in the country. The MyNewPlace search data suggests that many families that have owned or would be first-time owners in the Phoenix area are turning instead to rental units.
Web sites such as MyNewPlace are helping economically distressed families obtain affordable places to live in Phoenix and throughout the country.
About MyNewPlace:
MyNewPlace provides the multifamily marketing professional with the most innovative and cost-effective tools to fill their vacancies. From MyNewPlace.com: the industry's fastest growing Internet Listing Service for apartment search, to MyNewSite: the industry's most cost-effective website solution, MyNewPlace puts the best tools in the hands of owners and managers to help market their apartments for rent. A leader in the multifamily industry, MyNewPlace also offers Featured Placement Listings, Community Photography and Video Tours to enhance property listings. Headquartered in San Francisco, CA, MyNewPlace was founded in 2005 by John Helm, the founding CEO of AllApartments/SpringStreet, which became the number one apartment rental and relocation site on the Internet before its sale to Homestore in 1999. For more information, visit http://www.mynewplace.com.
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Phoenix Apartments' Search Trends
from MyNewPlace Blog on Sep 17, 2008
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We studied various renter behaviors across our site for cities that had received more than 50,000 searches in the second quarter and found this Phoenix rental trend particularly illustrative of the interaction between the housing crisis and the apartment rental market.
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