What does today's renter look like?

March 16, 2018

 

Everyone has heard of Zillow. But did you know that in addition to being the number one place to search for rental and for sale properties, it also has a WEALTH of other information.

 

We just came across something very interesting:
 

THE ZILLOW GROUP REPORT ON CONSUMER HOUSING TRENDS

 

It is a gigantic resource FILLED with so much information on renters, buyers, home ownership, DIY, etc, etc, etc.

 

What caught our eye was the  data they provide - specifically regarding current renters.

 

Here is a small excerpt:

 

Today’s renter is aware of the dynamic housing market—and nearly six out of 10 renters consider both renting and buying. Nearly half of all renters consider living in a single-family home, but less than one-third actually do, a factor that may contribute to renters’ interest in home ownership.

 

Finding a new rental takes an average of 10.4 weeks—and up to 12 weeks for those with lower household incomes. Eight out of 10 renters use online resources in their home search, and most reach out to at least four landlords or property managers in the process of searching for their new place. More than 20 percent of renters will give up on a property if they don’t receive a response to their inquiry in what they consider to be a timely manner, which for most is within 24 hours.

 

Renters typically sign leases with a length of 12 months. They prioritize finding a place that fits within their budget, is in a safe neighborhood, and takes their pets, sacrificing other features such as square footage, a yard, garage or view in favor of a home they can afford in their desired location.

 

RENTER CHARACTERISTICS & CONSIDERATIONS

  • Most earn less than $50,000

  • Today’s typical renter is most often female (57 percent)

  • Today’s typical renter is most often Caucasian (52 percent)

  • Part of a household earning below $50,000 annually (58 percent)

  • Eighty-four percent of renters are below age 50, making them Millennials (56 percent) or members of Generation X (28 percent)

Click here to view the extensive report in its entirety. And see what wealth of information you can find on Zillow today!

 

 

 

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