Online Apartment Shopping Activity Reveals Renewed Interest In Renting

Online search activity in April shows a surge of renewed interest by prospective renters in getting back into the game after putting their apartment hunting on pause. Searches for apartments dropped sharply in mid-March when shelter-in-place orders began to take effect to combat the spread of COVID-19. 

Analysts for RENTCafé, an apartment listing website, saw a 25% decline in the number of renters searching for apartments from March 11-17 as Americans began adapting to a temporary normal. Now levels of apartment search activity that the company is tracking suggest many potential renters are already back in the market for apartments or at least eyeing options for when the economy bounces back. 

A mid-April RENTCafé survey of 9,000 individuals backed up further by Google Trends data found that 62% of respondents intend to move as soon as they find a new apartment, up by 10 points from the end of March. The percentage of renters who plan on staying put until the crisis is over dropped to 11% from 17%. The remainder of those surveyed said they were either delaying a move or undecided.

Another 28% of respondents said they intend to use virtual tour options when looking for their next apartment. Many would-be renters are taking advantage of virtual tours, which allow them to view an apartment room by room without ever setting foot into a unit.

The number of renters who haven’t decided about moving, who have put their search on hold for a few weeks or who are considering renewing their current lease has remained consistent throughout the multiple survey periods.

The number of those waiting to move until the end of their lease remains unchanged (14%) since the beginning of the survey period in mid-March, much like those planning to wait it out until their landlord tells them to move out (3%). Fourteen percent are willing to postpone rental plans until they feel it is safe enough to move, while 8% plan on waiting until the pandemic passes. However, the majority of respondents said they plan to carry on with their initial moving plans.