New data from Zillow Rentals identifies the most sought-after rental amenities

• Listings with newly popular rental amenities like lawns, air filtration, and happy hours are saved and shared more frequently each day on Zillow Rentals than comparable units without these features.
• Rental properties with traditional luxury amenities such as fitness centers and swimming pools are saved and shared less frequently per day than expected.
• The most sought-after rental amenities are off-street parking and in-unit laundry, and they help nearly double the number of listings saved and shared on Zillow Rentals each day.

SEATTLE, 19 September 2024 /PRNewswire/ — Renters are rethinking what they want and need in a home. They are no longer looking for buildings with traditional rental amenities, but rather those with amenities and services that better fit their lifestyle and budget. New study from Zillow Rentals^® finds that listings with a pet lawn, co-working space or communal happy hours generate more interest than listings with typical luxury amenities such as a fitness center, pool and business center.

“Rents are spending more money and more time in the rental market than ever before, making them more conscious about their space selections,” says Emily McDonald, rental trends expert at Zillow. “They value convenient amenities, but also look for community-focused perks like coworking spaces and social events. These features offer a balance of convenience and lifestyle enhancement, making renters more willing to invest in homes that accommodate both their daily needs and their social lives.”

A new Zillow^® An analysis of nearly 5.6 million rental listings, including multifamily and single-family homes, found that certain amenities contribute to more saves and forwards per day when a home is listed on Zillow Rentals, the most visited rental network. These metrics are a signal of demand, as renters who save a listing or share it with their shopping partner are more serious about a home. The higher the demand, the faster an apartment or home is likely to rent.

It’s no surprise that the most sought-after amenities are off-street parking and in-unit laundry. Listings that mention off-street parking receive 85% saves more and 103% more shares per day on Zillow Rentals. In-Unit Laundry Helps Get an Ad 76% more daily savings and 92% more daily shares compared to similar units.

Once these essentials are checked off, renters look for new perks. A pet-friendly patch of lawn can increase daily savings by 76% and daily shares of 91% on Zillow Rentals. After all, previous Zillow Research notes that nearly three in five renters have a pet. Air filtration, which became popular during the pandemic and is becoming increasingly important as more areas feel the effects of wildfire smoke, can help make a rental 72% saves more and 79% more shares per day. Communities that offer happy hours for tenants receive 50% more daily savings and 67% more daily shares.

On the other hand, buildings with the usual luxury amenities may have to work harder to remain competitive. Rental properties that advertise a fitness center now receive 26% fewer saves and 31% fewer shares per day compared to similar listings on Zillow Rentals. Pools help 10% less daily saving and 13% fewer daily shares. Rental properties with business centers receive 24% fewer saves and 27% fewer shares per day on Zillow Rentals. Instead, renters are more interested in coworking spaces that 16% saves more and 23% more shares.

“Today’s renters interested in higher-end rental properties may expect a range of amenities,” McDonald said. “Some features, such as a fitness center, don’t stand alone, but are usually combined with other desirable amenities, such as a playground or tennis or sports court. Every renter has their own priorities, so it’s important for a property manager or landlord to list everything a property has to offer.”

Wow-factor features still drive engagement on Zillow Rentals, but today those amenities look different. Bowling alleys can help 30% saves more and 37% more shares per day, and a putting green drives 25% more daily savings and 40% more daily portions. Modern farmhouse features like butcher block countertops and barn doors contribute to more than 55% additional storage (58% And 56% or) and about 70% more shares per day (69% And 72% or) compared to similar homes on Zillow Rentals.

Renters may have more opportunities this fall to snag a rental with all the amenities they’re looking for. Zillow’s latest Rental market report notes that a whole series of new multi-family homes have entered the rental market following a construction boom during the pandemic. This is slowing the growth of rental prices across the country. In addition, more than a third (34.3%) of all rental listings on Zillow in August offered a concession, such as free parking, to entice new renters to move in. That’s the highest share of concessions offered since March 2021.

About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reinventing real estate to make homeownership accessible to more and more people. As the most visited real estate website in the United StatesZillow and its partner companies help people find and get their dream home by providing digital solutions, dedicated partners and agents, and simpler buying, selling, financing and renting experiences.

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SOURCE: Zillow Group, Inc.