Multifamily search trends from more than 170,000 business listings correlate with the nationwide rise in mortgage rates
Rio SEO, the leader in providing an all-in-one local marketing platform proven to increase online visibility, released national consumer search behavior last month, revealing the first increase in all conversion metrics in the multi-family industry since March 2022.
Apartments and multifamily homes saw a 26.28% increase in average business listing views, a 21.32% increase in average search queries, a 16.48% increase in average listing clicks, an increase of 18, 56% in clicks into website and a 16.24% increase in clicks for directions, month-over-month.
According to the NRP, rising mortgage rates are making it more expensive to buy a home and forcing prospective homebuyers to stay in the rental market. Residential occupancy is at an all-time high of 97.6% and there is a severe shortage of rental housing in almost every major city nationwide, further supporting Rio SEO’s findings.
“It’s encouraging to see the multifamily industry take a turn this month after a turbulent second quarter,” said Ryan Weber, director of client success, Rio SEO. “Since the pandemic, prices in major cities like Seattle, Philadelphia, D.C., Boston and New York have skyrocketed, pushing people to find housing outside of the city or even have to relocate to live within expensive city limits.”
Additionally, professional services, financial services, hospitality, sit-down and quick service restaurants, multi-family homes, and healthcare industries saw a collective increase in average business listing views, total searches, and driving directions clicks month-over-month.
Rio SEO also reviewed year-over-year trends and saw steady increases in average ad views and average search queries across most verticals. Service and finance companies, healthcare brands, sit-down and quick service restaurants, and retailers all saw an increase in average searches, list views, and clicks for directions, including:
“Even as talk of a possible recession looms, we have high hopes that consumers will remain resilient and support the economy as inflation spikes,” Weber added. “We’ll be on the lookout for signs of a recession, but for now, consumers are enjoying the summer and looking forward to traveling and exploring in person.”
To view the full analysis or 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 corporate brands, agencies and retailers. Rio SEO’s Open Local Platform offers multi-location organizations a comprehensive, seamlessly integrated suite of turnkey local marketing solutions and reputation management tools – Local Listings, Local Pages, Local Ratings, Local Ratings, Local Reporting and Local Manager – that are proven to increase the visibility of the Increase branding across search engines, social networks, map apps and more.
Founded in 2006, Rio SEO is one of the largest global providers of local search automation solutions and patented SEO reporting tools, powering enterprise brands’ businesses worldwide from search to sale. Hundreds of corporate 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 physical stores. Rio SEO currently serves Fortune 500 companies across a variety of industries including retail, finance, insurance, hospitality and more. Visit rioseo.com for more information.
The original version can be found on PRWeb at: https://www.prweb.com/releases/apartment_and_multi_family_residential_businesses_google_business_profile_listings_see_a_sweeping_increase_in_performance_month_over_month/prweb18803361.htm
