Multi-family residential search trends from more than 170k+ business listings correlate to the national increase in mortgage rates
SAN DIEGO (PRWEB) JULY 21, 2022
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,” said Ryan Weber, director of client success, Rio SEO. “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.”
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” added Weber. “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.”
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, agencies and retailers. Rio SEO’s Open Local Platform provides multi-location organizations with a comprehensive, seamlessly integrated suite of turnkey local marketing solutions and reputation management tools – Local Listings, Local Pages, Local Reviews, Local Ratings, Local Reporting and Local Manager – proved to increase brand visibility across search engines, social networks, maps applications and more.
Founded in 2006, Rio SEO ranks among the largest global providers of local search automation solutions and patented SEO reporting tools, driving business from search to sale for corporate brands worldwide. Hundreds of enterprise brands and retailers rely on Rio SEO’s innovative technology and local marketing expertise to drive motivated, measurable online traffic to their local websites and into physical stores. Rio SEO currently serves Fortune 500 companies across a variety of industries, including retail, finance, insurance, hospitality and more. For more information, visit rioseo.com or follow @rio_SEO on Twitter.
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