Up all night: 40% of renters report losing sleep when trying to find a new place

Rhea-AI Summary

Record High Rents Stress Renters: A recent Zillow survey reveals that 77% of renters made compromises to secure rental properties amidst soaring monthly rents averaging $2,031. A staggering 38% of renters cite unaffordable rent as the primary stressor, sparked by a 24% increase in rent over the last two years. Moreover, 40% of renters reported losing sleep during their searches. As competition intensifies, many are settling for smaller spaces or lacking desired features.

Positive

• Zillow's new tools, including Renter Hub and Renter Profile, enhance user experience by keeping messages and qualifications organized.
• 76% of renters expressed a desire to approach their rental search differently, indicating room for improvement.
• Zillow offers educational resources and tools to help renters navigate the competitive market.

Negative

• The average rent of $2,031 requires renters to spend over 53% of their income, exacerbating financial strain.
• The rental market has seen a 24% increase in costs over the past two years, leading to high stress levels among renters.
• Competition among renters has intensified, resulting in emotional and physical strain during the search process.

77% of recent renters made compromises in order to afford their home amid record-high rents

SEATTLE, Sept. 8, 2022 /PRNewswire/ -- Finding and landing a rental is stressing people out. The typical monthly rent in the U.S. has soared to a record high of $2,031, and a new Zillow survey shows how tired and burnt out Americans are as they search for new homes and apartments. Two in five recent renters said they lost sleep during their search, with many fretting about cost, communication and competition.[i]

Not being able to find an affordable rental is the most common stressor, with 38% of renters noting it as one of the most stressful parts of their search, which coincides with rents jumping 24% in just the past two years. According to census data, the typical renter household brings in $3,800 each month, meaning they'd have to spend more than half (53%) of their income to rent the typical apartment or house. 

In addition to stress caused by runaway prices, 26% of renters said keeping track of emails or messages from landlords they contacted was a concern. And 22% reported the same of having to compete against other renters. 

Renters are making tradeoffs to land a new home in a high-stakes search environment. According to Zillow's survey, 77% said they made compromises to afford their most recent rental, with the most common being settling for a place that didn't have all of the features they wanted, such as new appliances, AC or a balcony. Just under a third of recent renters (30%) said they ended up renting a smaller home than they had planned. 

"Rising rents are only adding to the pressure renters feel during what is already an emotional and challenging process," said Zillow home trends expert Amanda Pendleton. "Renters are often staring down a deadline to leave their current rental, and with competition so intense, they need to make decisions quickly. This survey shows even if renters are making compromises to land an apartment, many are still suffering emotional and physical strain." 

Peak rental season is here, and many renters are just starting their search. Zillow's survey found 76% of renters said they would have done at least one thing differently in their most recent rental search. While the rental market is expensive and competitive, there are steps renters can take to help relieve stress and get a full night's sleep:

• Understand what they can afford and establish a budget. 
• Before browsing rentals and setting expectations, renters should start with a rent affordability calculator to figure out their ideal price range. They should set search parameters within that budget, and also use Zillow's new move-in date filter to ensure they're seeing apartments that are available when they need them to avoid paying double rent. 
• Renters should also do research on their market to better understand what they can expect to pay and if they should negotiate. Zillow has a Rental Market Trends tool showing typical rents, number of available units and market temperature down to the ZIP code. Renters can also compare rental costs in different cities side by side. 
• Stay organized. 
• Zillow's Renter Hub, a one-stop shop for renters, is now available on the Zillow app. Instead of users having to dig through their inbox and toggle to and from the Zillow app for updates on their rental search, Renter Hub now keeps messages with prospective landlords and all of the up-to-date details on renters' current home organized in one place, right at their fingertips. 
• Zillow's Renter Profile lets renters create a personal profile outlining their renter qualifications, such as employment, income and credit score, as well as their desired move-in date and lease duration. A profile allows them to introduce themselves to potential landlords and to offer a sense of what they're looking for in a rental. 
• Know their rights. 
• Zillow's Local Legal Protections tool provides information about local laws that protect LBGTQ renters from housing discrimination. It also includes information on local laws that prevent housing discrimination based on the source of income used to pay the rent, such as housing vouchers.
• Search smarter. 
• To save time on in-person tours, renters can take advantage of virtual 3D Home tours and interactive floor plans on many Zillow rental listings to quickly narrow their options and avoid wasting time touring rentals that are not a good fit.
• Using Zillow's new multilocation search, renters can browse available rentals in up to five areas at once, a great way for them to see options in another location that better fit their budget or lifestyle. 

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease.

Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

ⁱ This survey was conducted online within the United States by The Harris Poll on behalf of Zillow from August 9-11, 2022 among 2,064 U.S. adults ages 18 and older, among whom 406 have moved into a rental unit in the past 2 years. 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 + 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact press@zillow.com

 

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SOURCE Zillow

FAQ

What does the latest Zillow survey reveal about renters' experiences?

The survey indicates that 77% of recent renters made compromises to afford housing, with 38% stressing about high rents.

How much are typical rents according to Zillow?

The typical monthly rent in the U.S. has reached a record high of $2,031.

What percentage of renters reported losing sleep during their search?

40% of renters reported losing sleep as a result of their rental search.

What compromises are renters making in the current market?

Many renters are settling for smaller homes or sacrificing features like new appliances and air conditioning.

What tools does Zillow provide to assist renters?

Zillow offers a Renter Hub and a Renter Profile to help renters stay organized and present their qualifications.