Industry News

Apartment sites beef up offerings to catch thwarted buyers

Part 2 of 3: Real estate renters back in vogue
Published on May 31, 2006

Editor's note: This three-part series explores what's happening in the rental market, how the industry is connecting with online consumers and what technology is helping them stay in touch. (See Part 1 and Part 3.) Now that housing markets in many areas are cooling, apartment sites are beefing up their offerings for prospects who can no longer afford to buy a house. Rental rates have risen in metropolitan areas across the country, according to reports from ALN Systems, a provider of multifamily property data and research. And, of the 17 metro areas tracked by ALN, only one area has an occupancy level below 90 percent. Wannabe buyers thwarted by rising interest rates and higher home prices are behind this phenomenon, sources at apartment sites say, and they're improving their services in response. "Traffic on our site is currently three times higher than it was this time last year," said Jeremy Bencken, CEO ApartmentRatings.com. "Last month we had 1.6 million unique visitors on ou...

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