This is a Digible COVID-19 Webinar UPDATE recorded on March 31st, 2020.
Last week, Reid and David conducted a webinar focused on the impact of the Coronavirus on Apartment Marketing and how marketers should react to the crisis. In the webinar, they covered several essential areas that could help you strengthen and fine-tune your apartment marketing strategy. The team at Digible committed to updating their data slides once a week in an effort to keep everyone abreast of how marketing trends and strategy is being impacted.
The trend of Available Units across the US has begun to trend upwards over the past seven days.
Stabilized properties have been hit the hardest.
Leasing Trends (absorption rate) across the US looks like it might be trending down, particularly when seasonality is considered.
Interestingly, higher-case COVID markets have not been impacted as much as lower-case COVID markets. In fact, as a whole, higher-case markets are nearly flat.
The volume of “apartments for rent” searches on google has decreased by 25% YoY.
However, “apartments for rent” searches have begun to tick upwards compared to prior week.
Searches for “Coronavirus” have declined rapidly.
Cost-Per-Click (CPC) for apartment related searches are up 27% from before COVID-19 hit the US. However, CPC has started to right-size itself over the prior week (dropping by $0.50).
The Average Website Session Duration for higher COVID-19 case states has dramatically declined. Whereas, the website engagement of lower case states has remained similar to the pre-event period.
Website engagement on lower-funnel pages, such as floorplan and online application pages, has actually increased 5.1% from the pre-period engagement rates.
Search Click Volume is down 22% over the past 4 weeks. However, the Click-to-Lead ratio has improved by 15%.
The end result is that CPLs have decreased by 8.1% WoW.
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