The state of search: Current rental search trends & what they mean for apartment marketers

The search landscape is shifting all the time. That means significant change can occur from one year to the next. 

This past year was no different, and the next won’t be, either. The shifting nature of search kicked into overdrive starting in 2020, and search has been a rollercoaster ride ever since with highs, lows, twists and turns.

In the past 12 months, the biggest rental search trends were:

• The rise of GEO
• A decline in search traffic
• Disappearance of the leasing season

Let’s dive into all the above (we promise the trends aren’t as scary as they sound). With an understanding of this year’s patterns, you’ll be set to optimize your marketing strategy for next year.

Trend #1: The rise of GEO

AI has been a big topic for a few years now, but in the last two years, it’s really taken off and made inroads in the world of search. In 2022, ChatGPT and Perplexity were released to the public, and in 2023, Gemini and Copilot came into the picture.

In 2024, the generative engine tipping point was achieved thanks to ChatGPT 4.0 and the release of Google’s search generative experience (SGE). Now, no matter where a user is searching, they’re interacting with AI in some way along that journey.

Optimizing for these new, generative AI engines is called GEO (generative engine optimization). GEO is a lot like SEO, but with an even greater focus on content and content structure.

Think about the format of AI tools versus a traditional search engine results page (SERP):

A SERP shows the nuts and bolts of SEO directly to the user with page titles and meta descriptions. These generative engines, on the other hand, use large language models (LLMs) to produce a more concise and conversational answer. That answer reads much more like content, when compared to a traditional SERP.

Trend #2: A decline in search traffic

If you’ve been scratching your head over declines in search traffic, you’re not alone.

As mentioned earlier, ever since 2020, search traffic has been a rollercoaster. We like to say 2020 was mixed and 2021 was a rocket ship to the moon. From early 2022 to now, however, we saw a steady downward trend in search volume.

Take a look at the Google Trends graph at rental search trends over the past five years. Before 2022, we consistently saw search volume in the 75-100 range, and now we’re hovering around 50% of peak search volume.

In short, search traffic never recovered after 2022. The lowest search volume in 2020 is essentially equal to the highest search volume in 2024.

While the rise of GEO has loosely coincided with this drop, it’s not the driving factor, instead it’s just one of many. This trend started well before the generative engine tipping point of 2024, and before the use of these tools gained traction with the wider search audience.

Market factors like inflation, increased debt, decreased savings, increased cost of living, high interest rates and election cycles are all at play in these patterns.

Importantly, this decrease is not just true for organic search, but for all channels where one might search for an apartment. SEO still consistently outperforms all other marketing sources today. However, when we compare SEO traffic today to traffic two or three years ago, the decline is easier to see than with other marketing sources.

Trend #3: Disappearance of the leasing season

One more thing you might have noticed from the graph above. There was much more volatility before 2022 than thereafter. This volatility — measured within a year — was known as the leasing season.

In years past, there was a clear leasing season, as well as a clear offseason. Now, the trend line is much flatter month to month within a given year. The “leasing season peak” and “offseason trough” are closer than they once were.

This is both good and bad. While there’s less traffic and volume overall, which is not ideal, there’s also more opportunity to market year-round. In other words, there isn’t the same need to strike while the iron is hot during leasing season.

We’re here to help

All in all, while 2024 was similar to past years in some ways, it was also unique. We saw the rise of a new technology, the impact of market factors and dramatic shifts in search patterns.

These rental search trends can seem overwhelming at first, but remember this: Understanding renter behavior helps you learn, adapt and market better than ever.

Our expert team can lend a helping hand, too. Reach out if you want to chat about your marketing strategy. We’re always here to support you!