In this highly competitive and
time-constrained market, renters can leverage these tips to be
fast, efficient, and even to save
SEATTLE, May 11, 2022
/PRNewswire/ -- The U.S. rental market is as competitive as it's
been in decades, and renters are facing a variety of challenges.
High demand is keeping vacancy rates near all-time lows and pushing
rents up almost as quickly as home prices. Rent prices shot up
nearly 17% in the past year, with the typical U.S. rent now at
$1,904 per month — the highest Zillow
has ever recorded. Zillow shares four tips to help renters save,
and even gain a competitive edge, in this historically hot rental
market.
1. Set a budget and
understand rental market trends.
Most renters (81%) say finding a rental within their initial
budget is the most important factor in choosing a home, according
to Zillow's Consumer Housing Trends Report. Before starting their
search, renters should know what they can afford and arm themselves
with information to feel confident they are getting a fair deal.
Zillow's Rent Affordability Calculator can help renters
determine their price range, and Zillow's all-new Rental Market
Trends tool provides an up-to-date look at their desired
market. Renters can search by city or ZIP code, bedroom count and
home type, and then view price charts, month-over-month and
year-over-year changes, and market temperature. They can even
compare the cost of two different markets side by side.
In addition, Zillow's Local Legal Protections tool can help
inform renters of their rights. This resource first launched in
2020 to help LGBTQ home seekers understand what legal protections
exist under local law, since federal law does not explicitly
provide protection against housing discrimination based on LGBTQ
status. Zillow has since expanded the tool to share information
about local laws that prohibit landlords from discriminating
against renters based on the income source they use to pay rent. As
rents continue to rise, this tool becomes more pertinent to those
who rely on housing choice vouchers for financial assistance to pay
their rent.
2. Search smarter with
tech.
Next, renters should nail down their must-haves as well as the
features on which they are willing to compromise. Zillow's search
filters include price, home type, bed and bath preferences,
specific pet requirements, in-unit laundry and several other
amenity options.
Tools such as Zillow's virtual 3D Tours and interactive floor
plans allow renters to narrow down the properties they want to see
in person, or help ease their hesitation if applying for a place
sight unseen. These features are increasingly important to renters.
Forty-three percent of renters surveyed in 2021 agreed they wasted
time during their home search visiting properties they would have
skipped had they understood the floor plan before visiting the
home.i
3. Save time and money with
a single application.
Many renters live in highly competitive markets and are on tight
timelines — of those renters surveyed who had moved from a previous
rental, more than half said they knew less than three months
beforehand that they would be moving out.ii In 2021, 61%
of all renters applied for two or more properties. Black and Latinx
renters typically submit three applications and are almost
twice as likely as white renters to submit five or more
applications during their search. With a median rental application
fee of $50, the cost and time spent
filling out applications can add up quickly. Renters can gain
advantages of both speed and savings in this supercharged market
simply by using Zillow Applications.
For a flat fee of $29, renters can
use Zillow Applications to apply online for an unlimited number of
participating properties for 30 days, which gives them the ability
to control costs and add flexibility to their search. More than 1.1
million renters submitted online applications with Zillow
Applications in 2021, with each renter typically submitting three
applications during their 30-day period.
4. Stand out to landlords
and property managers.
Renters can stand out from the crowd by anticipating what
landlords and property managers need and may want to see during the
screening process. Using Zillow's Renter Profile, renters can
highlight the information landlords and property managers care
about, and potentially expedite the process of getting into their
new home.
With this tool, renters searching for properties on Zillow can
create a personal profile outlining their renter qualifications,
such as a personal bio, employment, self-reported income and credit
score, as well as the renter's desired move-in date and lease
duration, and any amenities they're seeking.
From there, renters can manage their entire renting experience
on Zillow's Renter Hub — from checking the status of pending
applications and tour requests to reviewing messages directly from
property managers. Landlords and property managers can also give
renters the option to sign their lease and pay rent online within
Zillow's Renter Hub.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make it easier to unlock life's next chapter. As the most
visited real estate website in the United
States, Zillow® and its affiliates offer customers an
on-demand experience for selling, buying, renting or financing with
transparency and ease.
Zillow Group's affiliates and subsidiaries include Zillow®,
Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing
Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®,
dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an
Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
i 2021 Zillow Consumer Housing Trends Report.
Zillow Group Population Science conducted a nationally
representative survey of more than 2,000 renters. The study was
fielded between March and July 2021.
For the purpose of this study, "renters" refers to household
decision-makers who moved in the past year to a primary residence
that they rent.
ii 2021 Zillow Consumer Housing Trends Report. Zillow
Group Population Science conducted a nationally representative
survey of more than 2,000 renters. The study was fielded between
March and July 2021. For the purpose
of this study, "renters" refers to household decision-makers who
moved in the past year to a primary residence that they rent.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rent-is-at-an-all-time-high-but-renters-still-have-opportunities-to-save-301544743.html
SOURCE Zillow