New National Survey Brings New Perspectives on Renter Behaviors, Trends
Zillow will soon release it's 2022 Renters Consumer Housing Trends Report and Manny Garcia, Population Scientist for Zillow, shared a preview of renter behavior and preferences based on a national survey across several important categories.
The data is based on sample of 8,300 unique US renters-both “recent”- those who moved in the past year, and tenured. It was conducted anonymously between March and June.
Zillow found the median age of a U.S. renter is 39 years old. The largest share of renters live in the South (36%) followed by the West (29%).
The share of renters who reported searching on mobile devices rose in 2021 and has stayed elevated since then.
Zillow found that renters reported using fewer overall sites and apps during their search. In 2019, the survey saw that 58% of renters reported using five or more websites or apps when searching for a rental. In 2022, that fell to 51%.
This year–just like last–nearly one in four renters reported selecting their new home without taking any in-person tours. The vast majority (71%) said they took one to four tours.
In 2022, 36% of recent renters signed their lease online and 53% of renters say they would prefer to sign online, creating a value proposition opportunity for apartment operators.
When it comes to paying rent, another opportunity to meet demand as well comes by offering online rent payment. In 2022, 56% of renters reported paying online, as compared to 68% who said they would prefer to pay that way.
The report, which is soon to launch, also has resident survey feedback about: what renters are saying about amenities and concessions; how renters are thinking about renting vs. buying; and what share of renters who say they plan to move in the next year.
Here is the replay: