Homes.com Rental Searches More than Double Year Over Year

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Real estate listings site sees 126 percent increase in rental property searches from Q3 2011 to Q3 2012.

Homes.com

Homes.com

Home and apartment rental searches across the country have dramatically increased from Q3 2011 to Q3 2012 on leading real estate listings sites Homes.com and ForRent.com. An analysis of consumer search trends found a 126% increase in home and apartment rental searches. Although the economy is improving, uncertainty on job security and living in a certain city long-term might keep would-be homebuyers living in rental properties.

Other factors affecting the rental landscape within the top ten cities include many of the locales being home to colleges and universities, increasing the potential rental pool. Also included are cities with active job markets attracting a younger demographic, many of whom are holding off on buying homes.

Top rental cities based on percent changes of property searches from Q3 2011 to Q3 2012 are:

1.    Charleston, S.C. – 321%
2.    Columbia, S.C. – 269%
3.    Naples, Fla. – 235%
4.    Chicago, Ill. – 193%
5.    Arlington, Texas – 188%
6.    Cincinnati, Ohio – 184%
7.    Greensboro, N.C. – 183%
8.    Lexington, Ky. – 182%
9.    Nashville, Tenn. – 181%
10.    Philadelphia, Pa. – 180%

Charleston, S.C., the #1 city on the list, saw a search increase of 321 percent over 2011. Home to The Citadel and the College of Charleston, the city brings in thousands of students each year. Charleston is also known for its digital corridor, an effort by the city to facilitate new businesses and startups.

Chicago, Ill. is the third most populous city in the country and #4 on our list with a search increase of 193 percent. The Windy City is a hub for business and telecommunications and a primary destination for young professionals. Chicago was also #2 on the Homes.com Q2 “State of the Home Rental Market” report.

Nashville, Tenn. boasts an unemployment rate of only 6.4 percent according to the Bureau of Labor Statistics, helping to make it #9 on our list. Renters searched Nashville 191 percent more times on Homes.com and ForRent.com in Q3 2012 versus Q3 2011. Nashville’s music scene makes it popular with young renters, and the city also has several higher learning institutions such as Belmont and Vanderbilt Universities.

For more information on rental searches on Homes.com and ForRent.com, visit the Homes.com Blog.

About Homes.com
As one of the nation’s top online real estate destinations, Homes.com inspires consumers to dream big. From affordable houses to luxurious estates, condos and more, Homes.com features more than four million property listings and a user-friendly format, making finding your next home or a licensed real estate agent easy. Visitors to the Homes.com blog will find a collection of rich content and posts on DIY projects, painting, gardening and more, providing the ultimate resource for everything home related. From purchasing a first home, to upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying process. For more information, visit http://www.homes.com or blog.homes.com.

About ForRent.com
As one of the nation’s leading online home search destinations, ForRent.com inspires renters to discover their next apartment, loft, townhouse, or condo. ForRent.com features rental listings with a user-friendly format, making finding your next home an easy exploration. Visitors to ForRent.com’s apartment living blog, Facebook page, Twitter account and Pinterest boards will discover relevant content and can join the conversation surrounding their home decorating style, rental tips and more, serving as the complete resource for renters in every part of their living experience.

Homes.com and ForRent.com are divisions of Dominion Enterprises, a leading marketing services and publishing company headquartered in Norfolk, Virginia. For more information, visit http://www.dominionenterprises.com.

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IVETTE FAULKNER

SYDNEY WEAVER-BEY
THE ZIMMERMAN AGENCY
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