According the Hitwise Monthly Category Report for Real Estate, MyNewPlace broke into the top twenty most visited sites in the Real Estate Category, after steadily climbing the ranks to number 19. We had ranked 40th, 34th, and 22nd in March, April and May, respectively. The ranking is derived from market share based on a random sample of 10 million U.S. internet users.
The rankings consider websites that focus on residential and commercial real estate and property services such as agency websites, real estate databases, classifieds of properties to buy, sell, rent or lease in addition to sites designed for home buyers, sellers or renters.
This is primarily due to us totally killing it in the apartment rental market. More and more renters are finding how easy and effective it is to use our apartment finder and apartment guide to find the best apartments for rent.
All apartment rental ILS’s in the top 20 showed growth this month, indicating an overall market trend towards apartments and homes for rent. As home prices and home sales continue to fall, the rental market is expected to remain strong for the second quarter, according to a report from Reis, Inc.
Reis, Inc. reports that vacancy rates for apartment rental buildings remained at 5.9 percent as the housing slump continued and the weakening economy kept people away from purchasing homes.
Sam Chandan, chief economist for Reis, predicted that “rent growth will moderate through 2009…the bias will be weighted toward rentals, in our view. People fear home prices will fall further.”
Apartment rental rates haven’t fallen since 2002, when the housing bubble began inflating exponentially as investment lopsidedly shifted toward homebuilding. Demand was created by the widespread availability of credit coupled with the fact that both lenders and borrowers were betting on the continued increase in home prices. Now that demand has dropped off, vacancies are rampant, prices have dropped and questions abound for the future of the for sale and rental market.
In any event, we are happy to see our continued growth and will look forward to keep on keepin’ on. Next stop, top ten!