Affordable renter-friendly home improvements that add value

Rhea-AI Summary

Zillow and Thumbtack have released data on affordable, renter-friendly home improvements that can personalize rental spaces and add value for landlords. These upgrades, typically costing less than $1,000, can increase views, saves, and shares on Zillow Rentals. The seven recommended improvements are:

1. Swapping cabinet hardware
2. Adding open shelving
3. Incorporating plants
4. Painting rooms or accent walls
5. Upgrading lighting
6. Hanging mirrors
7. Using peel-and-stick wallpaper

These improvements cater to millennials and Gen Z adults who are renting for longer periods due to being priced out of homeownership. The data highlights how these changes can benefit both renters and landlords, with specific features contributing to increased engagement on rental listings.

Positive

• Affordable upgrades (under $1,000) can increase views, saves, and shares on Zillow Rentals
• Certain improvements can add value for both renters and landlords
• Increased engagement on rental listings due to specific features (e.g., matte black finishes, open shelving, smart lights)
• Growing demand for renter-friendly improvements, with some services seeing year-over-year increases (e.g., interior painting requests up 18%, wallpaper installations up 10.1%)

Negative

• None.

Insights

Market Research Analyst

This article, while informative for renters and landlords, doesn't have a direct impact on the stock market or business investments. The content focuses on affordable home improvements for renters, which is more relevant to consumer trends and the real estate rental market. While it mentions Zillow and Thumbtack, it doesn't provide any financial data or business-critical information that would significantly affect investor decisions. The insights are more valuable for understanding consumer behavior in the rental market rather than for stock market analysis.

Zillow and Thumbtack data reveals the projects that personalize a rental for less than $1,000 

SEATTLE, Aug. 28, 2024  /PRNewswire/ -- Millennials and Gen Z adults priced out of homeownership are renting for longer, prompting many to seek out ways to personalize their not-so-temporary space. New data from Zillow¹ and Thumbtack² finds there are affordable, nonpermanent upgrades that allow renters to make their space their own and add value for their landlord. 

Certain home features can contribute to more views, saves and shares per day when a home is listed on Zillow Rentals®, the number one most visited rental network³. That makes many of these projects a win-win for landlords and renters alike. They also typically cost less than $1,000, based on national average cost estimates from Thumbtack, the technology company helping millions of people confidently care for and improve their homes. 

"There are so many improvements that are both beneficial to a landlord and allow renters to make their space feel more like home," said Emily McDonald, Zillow's rental trends expert. "However, before making any major changes, renters should always review their lease and check with their landlord. If a renter can show how the upgrades add function or style, they may be more likely to get buy-in. In some cases, a landlord may be willing to split the costs if a renter is hiring a professional to do the work and willing to manage the project themselves." 

These are the seven renter-friendly home improvements to consider: 

Swap out cabinet hardware: Changing out cabinet hardware is one of the easiest ways to make a kitchen or bathroom feel more contemporary. Choose half circles, fluted, or curved hardware for a fresh feel. 

As for color, matte black finishes can modernize a space and help a rental listing get 25% more saves and 49% more shares per day on Zillow Rentals. The cost of updating hardware or fixtures can range anywhere from $50 to a few hundred dollars, depending on the fixtures and how many are swapped out.

Add open shelving: Zillow® research finds rental listings with open shelving get 36% more saves per day on Zillow Rentals than similar units. With a national average cost of $275 for professional installation, open shelving allows renters to display personal mementos, art or books without adding bulky furniture that takes up valuable square footage. 

Become a plant parent: Plants can improve a home's air quality and boost a renter's mental and physical health. A small herb garden is great for a home chef, a hanging eucalyptus plant can turn a shower into a spa, and succulents or cacti can add low-maintenance greenery.  

For outdoor spaces, a patio garden can boost a rental's daily views by 24.2% on Zillow Rentals. No patio? Try window or railing boxes to add color. Thumbtack finds the average national cost for a window box is $100-$150 for professional installation and $15-$900 for materials, depending on the type purchased. 

Paint a room or add an accent wall: Landlords commonly allow renters to paint their walls if they agree to paint it back before they move out. The right color can make a dramatic impact and boost value. Darker hues are now preferred over white walls, according to Zillow's latest research on paint colors. 

"Gen Z shows an inclination towards bold, dark colors, which is a departure from more traditional color schemes," said Rafael Rodriguez, a Thumbtack Pro and owner of Dambrak Painting. "Unlike previous generations that commonly use semi-gloss white for trim and flat white for ceilings, many Gen Z renters opt to paint both walls and trim in the same, often dark color, and ceilings in varied shades of off-white or other colors, creating a more cohesive look."

Interior painting requests are up 18% year-over-year on Thumbtack. The national average cost to paint a room is $324-$1,620. Homes with higher ceilings and bigger walls will typically cost more to paint, leading many renters to opt for accent walls instead. Painting of any kind can pay off. Fresh paint helps a rental listing get 14% more saves and 17% more shares per day on Zillow Rentals. 

Upgrade lighting: New lighting fixtures can instantly change the mood of a space and save money. LED bulbs and fixtures are up to 90% more efficient. 

App-controlled smart lights can change color and brightness based on the time of day. Smart lights can boost daily saves by 22% and daily shares by 35% on Zillow Rentals. Thumbtack finds the average cost for lighting installation is about $150 but depends on the number and type of fixtures installed.

Hang Mirrors: Wavy, circular, and arched mirrors are on-trend, and they make a room feel bigger and brighter. Hanging a mirror is a relatively easy DIY project, and savvy shoppers may be able to snag a great vintage find for less than $100. For a more dramatic effect that visually expands a space, consider a mirrored wall. Rental homes with a mirrored wall get an additional 10% more saves and shares per day on Zillow Rentals.  

Embrace peel-and-stick: Renters have embraced temporary wallpaper for a custom look without the commitment. On Thumbtack, wallpaper installations are up 10.1% year-over-year. Peel-and-stick wallpaper is generally more expensive than paint and can be tricky to apply. Hire a pro and expect to shell out $300 to $450 on average for installation. 

Keep in mind, peel-and-stick isn't just for walls anymore. Temporary backsplash applications are trending along with adhesive floor tiles or stickers. 

"We're seeing Gen Z take advantage of renter-friendly improvements to make their space uniquely their own – whether it's through bold lighting upgrades, finishes or eclectic decor," said Morgan Olsen, Design Expert at Thumbtack. "Being a renter doesn't mean you have to compromise on adding character to your space, and budget conscious options can still have a big impact on how your space feels and looks."

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, dedicated partners and agents, 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). © 20234 MFTB Holdco, Inc., a Zillow affiliate.

About Thumbtack
We're Thumbtack, a technology company helping millions of people confidently care for and improve their homes. Our homeowners get personalized guidance on what to do and when to do it as well as who to hire from our growing community of 300,000 local service businesses. Every day in every county of the U.S., people turn to Thumbtack to complete small fixes, routine maintenance, and major improvements. With over 11 million 5-star projects and counting, we empower homeowners to take control and local businesses to grow. Accomplish more with Thumbtack.  

¹ This analysis used listing data from almost 5.6 million homes listed for rent between June 2023 and May 2024 for which complete data was available. This analysis used multiple regression, comparing home views, saves and shares during their active listing period against their home type, region, listing month, rent price, and rent per square foot, as well as the presence or absence of 226 features being mentioned in the listing descriptions. For more information on methodology, please contact press@zillow.com.
² Renter-friendly projects are pulled from Thumbtack's list of project recommendations for renters that don't require demolition or make permanent changes. All year-over-year comparison data is based on findings from Thumbtack projects in June 2023 - August 2024. Pricing data is based on national average cost estimates and ranges using data provided either by Thumbtack pros or from external research,real prices may vary based on city and supply. Consult a pro for accurate pricing information.
³ Comscore Media Metrix® Multi-Platform, Custom-defined list: Zillow Rentals, Apartments.com Network, Rent., Apartmentlist.com, and Zumper inc, Total Audience, Jan-Dec 2023, U.S.

 

View original content:https://www.prnewswire.com/news-releases/affordable-renter-friendly-home-improvements-that-add-value-302232096.html

SOURCE Zillow Group, Inc.

FAQ

What are the top 7 renter-friendly home improvements according to Zillow (Z) and Thumbtack?

The top 7 renter-friendly improvements are: 1) Swapping cabinet hardware, 2) Adding open shelving, 3) Incorporating plants, 4) Painting rooms or accent walls, 5) Upgrading lighting, 6) Hanging mirrors, and 7) Using peel-and-stick wallpaper.

How much do these renter-friendly improvements typically cost according to Zillow (Z)?

According to Zillow (Z) and Thumbtack data, these renter-friendly improvements typically cost less than $1,000, based on national average cost estimates.

What effect do matte black finishes have on Zillow (Z) rental listings?

According to Zillow (Z) data, rental listings with matte black finishes can get 25% more saves and 49% more shares per day on Zillow Rentals.

How much more engagement do rental listings with open shelving receive on Zillow (Z)?

Zillow (Z) research finds that rental listings with open shelving get 36% more saves per day on Zillow Rentals than similar units without open shelving.