In recent months, the U.S. apartment market has surged, as both rental demand and rates increased. With these developments, it is more important than ever for building owners to pay close attention to key market data and insights in order to remain competitive.
Apartments.com, the leading online apartment listing network in the U.S., delivers this crucial data and insight all in one place. Apartments.com provides reaches more renters than any other source – 27 million per month nationally - while also providing market information that helps owners maximize rents and occupancies; identify and assess competition; monitor new construction; and develop marketing strategies.
In the first quarter of 2022, renters viewed nearly 14 million DC properties on Apartments.com. Here are some of the insights gleaned from that time:
- Supply-heavy neighborhoods such as Downtown DC, NoMa, Union Market, and the Southwest and Southeast waterfronts experienced significant pricing pressure during the pandemic. However, even in areas like NoMa and Union Market where thousands of units are under construction, the average rent rose by about $100 per month during the pandemic.
- The asking rent in the Southwest/Navy Yard submarket reached $2,900 per month, in line with renter search data on Apartments.com, where 28% of apartment hunters were looking at units with a rent of $2,000+/month.
- Apartments.com renters searched primarily from the DC/Baltimore area and prioritized pets, in-unit washer/dryers, and accessibility to transit and EV charging stations.
This is just a narrow slice of the hyper-localized information that Apartments.com can provide multifamily owners and property management companies to determine how to successfully advertise and price apartments. The site's comprehensive marketing platform connects advertisers with millions of prospective renters to keep properties leased at a great ROI.
Do you need to know what local renters can’t live without? How to turn renter insights into high-quality leads? What renters in DC submarkets—like Southwest/Navy Yard—are looking for? Apartments.com creates a steady stream of features, insights, and data/trend analysis that answers those, and many more questions.
Become an advertiser on Apartments.com and gain access to Monthly CoStar reporting on competitive rents, vacancies, new construction, and more; keep current on local renter behavior and demographic trends; and tap into the insights of local CoStar economists who provide market-based updates on relevant economic and industry trends.
This article originally published at https://dc.urbanturf.com/articles/blog/why-apartments.com-is-the-leading-platform-for-hyper-local-market-insights/19879.
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