Renters and homeowners can now list a room for
rent on Zillow, reducing housing expenses by finding a roommate to
share costs
SEATTLE, Feb. 8, 2024
/PRNewswire/ -- Zillow® today announced a significant addition to
its rental offerings: the option to search for and list individual
rooms for rent. This new listing type is particularly timely, as
U.S. rents have surged nearly 30% since the pandemic, and a
startling 50% of renters are now cost-burdened, spending 30% or
more of their income on rent and utilities. Splitting costs with a
roommate can help alleviate this financial burden.
Renters using Zillow can now include "room" listings in their
searches alongside traditional "entire place" options. These
listings, easily identifiable in Zillow search results, cater to
those seeking shared living spaces in an increasingly expensive
market.
This new listing option especially benefits renters looking for
roommates, a common scenario among Gen Z and millennial renters,
who make up more than half of the U.S. rental market. According to
a Zillow survey conducted by The Harris
Poll1, 59% of these younger renters report
feeling uncertain about where they would go to find a roommate if
they needed one. The survey also reveals 60% of respondents
reported finding a good roommate is harder than finding a romantic
partner, with a higher percentage of women (68%) feeling this
pressure compared to men (49%).
Recognizing the challenges renters face in finding a roommate,
Zillow's room listings simplify this process by facilitating
connections between renters and potential roommates.
"We know finding the right place to call home isn't
one-size-fits-all," said Michael
Sherman, vice president of Zillow Rentals. "By introducing
room listings, we're crafting a robust marketplace of options that
truly reflects the varied needs of renters. We're committed to
providing a platform where searching for a room, a house, an
apartment or anything in between is as easy as clicking a
button."
Maximizing opportunities: How room listings benefit
homeowners and landlords
Zillow's room listing feature is beneficial not only for
renters, but also for homeowners, providing an opportunity to
reduce mortgage expenses and enhance their financial stability. By
listing available bedrooms, homeowners can create new income
streams, which may be especially valuable in unpredictable markets.
For landlords, this flexibility allows for more dynamic property
management, offering single-room rentals as a quick vacancy
solution.
How to find room listings
Renters can discover room listings by selecting the "Room"
filter, located under the "Home Type" drop-down menu on the Zillow
website and within the "Space" section of the app's filtering
options. They can tailor their search further with filters
based on budget, lifestyle and preferred location. Each listing
includes details about the available bedroom, shared spaces and
current roommate(s). Room listings are currently only permitted in
single-family rentals, select condominiums and townhomes.
How to list a room for rent on Zillow
Steps for renters and property owners:
- Create a listing: Both renters and property owners can
list a room for rent using Zillow Rental Manager. Throughout the
listing path, they are prompted to provide details about the room,
including size, any private bathrooms, shared spaces, current
roommate(s), policies on pets, smoking, parking and more.
- Connect with potential roommates/tenants: The room
listing will appear on both Zillow and HotPads. Renters and
property owners can manage their listing and interact with
interested individuals through their Zillow Rental Manager
dashboard.
Additional information for renters and property
owners:
- For renters: Renters should check their lease agreement
before listing a room for rent. They may need their landlord's
permission to add a roommate.
- For homeowners and landlords: Property owners who
list rooms have the option to use Zillow Applications for the
tenant screening process and Zillow Payments for convenient online
rent collection, both available at no cost.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and
ZG) is reimagining real estate to make home a reality for more and
more people. As the most visited real estate website in
the United States, Zillow and its
affiliates help people find and get the home they want by
connecting them with digital solutions, great partners, and easier
buying, selling, financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
(ZFIN)
1 The research was conducted online in the U.S. by
The Harris Poll on behalf of Zillow among 515 Gen Z (ages
18–26; n=260) and millennial (ages 27–42; n=255) adults who
currently rent or plan to rent in the next six months. The survey
was conducted December 6–15, 2023. Respondents for this survey were
selected from among those who have agreed to participate in our
surveys. The sampling precision of Harris online polls
is measured by using a Bayesian credible interval. For this
study, the sample data is accurate to within + 6.4 percentage
points using a 95% confidence level. This credible interval will be
wider among subsets of the surveyed population of interest.
For complete survey methodology, including weighting variables and
subgroup sample sizes, please contact press@zillow.com.
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SOURCE Zillow