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.
Recent reports show rent prices shot up nearly 17% in the past year, with the typical U.S. rent now at $1,904 per month. Amid the current red hot rental market, Zillow is sharing the following four tips to help renters save, and even gain a competitive edge.
- 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 a recent Zillow 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.
- Search smarter with tech
Next, renters should nail down their must-haves as well as the features on which they are willing to compromise. Think about price, home type, bed and bath preferences, specific pet requirements, in-unit laundry and several other amenity options.
If possible, have them review floorplans 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.
- 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. 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.
To learn more about some tools available to help renters with these challenges and more, visit Zillow.com.
