Multi-family residential search trends from more than 170k+ business listings correlate to the national increase in mortgage rates
Rio SEO, the leading provider of an all-in-one local marketing platform proven to increase online visibility, released last month’s national consumer search behavior revealing the first increase across all conversion metrics in the multi-family vertical since March 2022.
Apartments and multi-family dwellings saw a 26.28% increase in average business listing views, 21.32% increase in average searches, 16.48% increase in average listing clicks, 18.56% increase in clicks to website and 16.24% increase in clicks for driving directions, month-over-month.
According to NRP, rising mortgage rates are making it more expensive to buy a home, forcing prospective home buyers to stay in the rental market. Apartment occupancy is at an all-time high of 97.6%, and there is a severe shortage of rental houses across the country in nearly every major city, furthering Rio SEO’s findings.
It’s uplifting to see the multi-family industry taking a turn this month after a tumultuous Q2. Since the pandemic, major cities, such as Seattle, Philadelphia, D.C, Boston and New York, have soared, pushing people to find housing outside the city or even relocate. Between previous travel challenges easing and remote work, consumers are reconsidering the need to live within pricey city limits.Ryan Weber
Director of client success, Rio SEO
Additionally, service businesses, financial services, hospitality, sit-down and quick service restaurants, multi-family and healthcare verticals saw a collective increase in average business listing views, total searches and clicks for driving directions month-over-month, seeing a:
- 7.7% increase in average total views
- 6.6% increase in average total searches
- 8.3% increase in average clicks for directions
Rio SEO also reviewed year-over-year trends and saw continued gains in average listing views and searches across most verticals. Service and financial businesses, healthcare brands, sit-down and quick service restaurants and retailers collectively saw an increase in average searches, listing views and clicks for directions, including a:
- 27.3% increase in average total views
- 16.0% increase in average total searches
- 11.0% increase in average clicks for directions
Even with discussion of a potential recession coming, we have high hopes that consumers will continue to be resilient and support the economy during the rise of inflation. We will be on the lookout for signs of a recession, but as for now, consumers are enjoying summer and excited to be able to travel and explore, in person.Ryan Weber
Director of client success, Rio SEO
To see the full analysis, or to request a demo of Rio SEO’s comprehensive local marketing platform, visit RioSEO.com
About Rio SEO
Rio SEO is the leading local marketing platform for enterprise brands. The Open Local Platform provides multi-location organizations with a comprehensive, seamlessly integrated suite of turnkey local marketing solutions proven to increase brand visibility across search engines, social networks, map applications, and more. The world’s leading enterprise brands – retailers, restaurants, hospitality, financial services, healthcare, and more – rely on Rio SEO’s innovative technology and local marketing expertise to drive motivated, measurable online traffic to websites and physical locations. Rio SEO is part of Forsta, a global leader in customer experience (CX), employee experience (EX) and market research (MR). The combined technologies of Forsta and Rio SEO enable brands to engage consumers throughout the entire customer journey from discovery to purchase to advocacy. For more information, visit rioseo.com.