Rental market perks up as apartment searches resurge

Increased apartment searches may also indicate improved consumer optimism

Rental market perks up as apartment searches resurge

Renters are back to apartment hunting, merely a month after they focused their Google searches on home office setups and home disinfection.

Searches for apartments returned to pre-crisis levels in April. RENTCafe noticed a 17% month-over-month increase in apartment searches on its website. Google Trends also experienced a search surge for "apartments," " apartments for rent," and "apartment near me."

Apartment-related searches on Google Trends

To confirm the improved consumer optimism, RENTCafe recently surveyed 9,000 renters. The survey found that 62% of the respondents plan to move as soon as they find a new apartment despite the coronavirus outbreak.

Just 11% will stay put, while the rest were either undecided or putting their move on hold. Additionally, 42% are sticking with the traditional apartment selection process, while 28% want to try virtual home tours to help select an apartment.