{"id":162845,"date":"2023-11-29T14:38:32","date_gmt":"2023-11-29T21:38:32","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=162845"},"modified":"2023-11-29T14:38:34","modified_gmt":"2023-11-29T21:38:34","slug":"zillow-renter-survey-2023","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023","title":{"rendered":"Zillow\u2019s Latest Renter Survey Is Out\u2014Here\u2019s What Tenants Are Looking For in 2024"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">The&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/renters-consumer-housing-trends-report-2023-33317\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow Consumer Housing Trends Report 2023<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is out. Some of the insights this year\u2019s report contains will surprise no one\u2014for example, demand for rentals still massively outstrips supply.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Having said that, there is also valuable new information for real estate investors. In a nutshell, during 2023, the typical U.S. renter is someone who is older than the norm and has slightly different preferences and expectations from the previous generations of renters. Let\u2019s zoom in on the details\u2014and what they mean for investors.\u00a0<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_6567ab08b5868: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_6567ab08b5868\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Renter Demographics<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the past, renters have tended to be younger than homeowners because of the long time it can take to save up for a down payment on a home. However, while just over half (51%) of all U.S. renters are under the age of 40, the average age of a renter is now a mature 39 years old.\u00a0<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"218\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/age-trends-renters.jpeg\" alt=\"percent of renters and their ages\" class=\"wp-image-162848\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/age-trends-renters.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/age-trends-renters-300x85.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\"><em>Age of all renters &#8211; <a href=\"https:\/\/www.zillow.com\/research\/renters-consumer-housing-trends-report-2023-33317\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.zillow.com\/research\/renters-consumer-housing-trends-report-2023-33317\/\" rel=\"noreferrer noopener\">Zillow Consumer Housing Trends Report 2023<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">That\u2019s older than the average first-time homeowner,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/highlights-from-the-profile-of-home-buyers-and-sellers#:~:text=Characteristics%20of%20Home%20Buyers,-First%2Dtime%20buyers&amp;text=The%20typical%20first%2Dtime%20buyer,time%20high%20of%2059%20years\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">who is 35 years old<\/span><\/a><span data-preserver-spaces=\"true\">, according to the National Association of Realtors (NAR), but the average age for first-time homebuyers&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nasdaq.com\/articles\/this-is-the-average-age-of-first-time-home-buyers#:~:text=The%20median%20age%20has%20been,been%20ticking%20up%20since%20then.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">was 29 in the 1980s<\/span><\/a><span data-preserver-spaces=\"true\">. The average age of renters who haven\u2019t moved in the past year, i.e., they\u2019re renting long-term, is even older, at 41.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This older age is consistent with the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-145\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">falling affordability of homeownership<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and reduced inventory of homes to buy.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The percentage of renters among household decision-makers predictably shoots up in more expensive regions of the country. For example, 39% of household decision-makers are renters in the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/are-the-rust-belt-and-northeast-the-new-south-for-real-estate-investment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Northeast<\/span><\/a><span data-preserver-spaces=\"true\">, but only 24% are in the Midwest, a region with lower home prices.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Regional income variations also make a huge impact on the distribution of renters across the country. Twice as many people rent in the South (36% of all renters) as opposed to the Midwest (18%), and the reason for this is almost certainly tied to income disparities.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"179\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Region-768x179-1.jpeg\" alt=\"Percent of renters by region - Zillow Consumer Housing Trends Report 2023\" class=\"wp-image-162852\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Region-768x179-1.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Region-768x179-1-300x70.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\"><em>Percent of renters by region &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">The\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sofi.com\/learn\/content\/average-salary-in-us\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">average salary<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in Minnesota is almost $56,000, but it\u2019s just above $40,000 in Mississippi. According to the Zillow survey, almost half of recent renter households (48%) make under $50,000 per annum, so there is undoubtedly a strong link between renting and income.\u00a0<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"154\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Income-768x154-1.jpeg\" alt=\"Household income of all renters - Zillow Consumer Housing Trends Report 2023\" class=\"wp-image-162850\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Income-768x154-1.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/Income-768x154-1-300x60.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\"><em>Household income of all renters &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">The survey points to a possible explanation for the lower overall income levels of renters: About a third of renters (30%) are single-person households and have never married. However, the survey also shows that more than 50% of renters are married. It is more likely that the lower income of renters, in general, is due to a combination of factors, including regional economic disparities.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Are Renters Paying Now?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">According to Zillow, the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/rental-manager\/market-trends\/united-states\/?propertyTypes=apartment-condo&amp;bedrooms=1\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">median rent<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for a one-bedroom apartment in the U.S. is currently $1,253 per month, while the median rent for any type of rental housing is $2,000 per month.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Again, there are huge regional variations. Median rent in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/rental-manager\/market-trends\/philadelphia-pa\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Philadelphia<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is $1,600; in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/rental-manager\/market-trends\/jackson-ms\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Jackson, Mississippi<\/span><\/a><span data-preserver-spaces=\"true\">, it\u2019s $1,100. Coastal areas continue to be some of the most expensive in the country for renters, while the South generally remains more affordable, the pandemic-era migration to the Sun Belt cities notwithstanding.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How Renters Feel About the Homes They Live in Right Now<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">One of the standout insights from the Zillow report is that the majority of renters feel that the home they\u2019re renting could do with at least some updating. Overall, 67% said they felt their home needed updates, with 18% saying that the updates their rental needed were major.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This partly has to do with the types of housing available to renters. Most rentals in the U.S. are apartments in small buildings, single-family detached homes, or condos. These tend to be older properties that need more repairs.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In contrast, large&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/finding-multifamily-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">multifamily buildings<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;are the buildings renters find to be in the best condition. Almost half (45%) of renters who have an apartment in a large multifamily building (50-plus units) say their home was \u2018\u2019like new,\u2019\u2019 while only 27% of renters rated their single-family home this way.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, this doesn\u2019t mean that most U.S. renters prefer living in larger multiunit buildings. In fact, most gravitate toward apartments in small buildings. Of the renters whose preferred rental property is an apartment building, 42% would prefer a building with fewer than 10 units, while 36% would like a medium-sized building of between 10 and 49 units.\u00a0<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Home Type<\/th><th>Share of Renters<\/th><\/tr><\/thead><tbody><tr><td>Apartment in a smaller size building (fewer than 10 units)<\/td><td>18%<\/td><\/tr><tr><td>Apartment in a medium size building (10-49 units)<\/td><td>17%<\/td><\/tr><tr><td>Apartment in a larger size building (50 units or more)<\/td><td>17%<\/td><\/tr><tr><td>Single-family detached house<\/td><td>29%<\/td><\/tr><tr><td>Townhouse\/rowhouse<\/td><td>7%<\/td><\/tr><tr><td>Duplex\/triplex<\/td><td>6%<\/td><\/tr><tr><td>Manufactured \/ mobile home<\/td><td>3%<\/td><\/tr><tr><td>Room in shared housing<\/td><td>2%<\/td><\/tr><tr><td>Boat, RV, van, etc.<\/td><td>&lt;1%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>Renter preferences for home types &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Investors, take note: While an apartment is the single most popular type of dwelling people like renting (54% of all renters name apartments as the type of accommodation they hope to rent), most do not want to live in a huge building. And they\u2019re prepared to look for what they want rather than settling. According to the survey, most renters end up in the type of home they initially planned to rent.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Plans to Move<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Every landlord wants to know how long they\u2019ll have their tenants for. The survey provides some valuable insights into renters\u2019 moving tendencies.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The truth is that the vast majority of renters do plan to move sooner rather than later, with homebuying plans most often being the reason. Of those who took part in the survey, 72% said they planned to move within the next three years. The share of renters who are considering moving imminently or within the next year is huge: 54%. The share of renters who have no plans to move is declining and is currently 15%, down from 20% back in 2018.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Interestingly, renters\u2019 plans to buy have increased despite high property prices and mortgage interest rates. Only 34% of renters said they were planning to buy a home in 2018, and the percentage is now 43%.\u00a0<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"294\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/considermoving-768x294-1.jpeg\" alt=\"Renter plans for moving within the next year (2018-2023) - Zillow Consumer Housing Trends Report 2023\" class=\"wp-image-162849\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/considermoving-768x294-1.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/considermoving-768x294-1-300x115.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\"><em>Renter plans for moving within the next year (2018-2023) &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">One of the reasons for this is undoubtedly that a large share of renters belongs to the millennial generation\u2014people aged 29-43. These are folks who are determined to achieve the settled lifestyle associated with homeownership despite the increasing unaffordability of this option.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The harsh reality, of course, is that many of them will rent for longer than they anticipated, regardless of their current plans. People now&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/millennials-renting-for-very-long-time-2015-8#:~:text=The%20typical%20first%2Dtimer%20now,spans%20ages%2018%20to%2034.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rent for an average of six years before buying<\/span><\/a><span data-preserver-spaces=\"true\">, up from 2.6 years in the 1970s. Their desires are the same as 50 years ago, but the economic landscape has shifted dramatically. Most renters who continue renting cite affordability as the key factor in their decision.&nbsp; &nbsp; &nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Use of Digital Tools\/Demand for Them<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Despite the increase in the use of digital tools in the rental sector, they haven\u2019t replaced in-person tours. What the figures suggest, though, is that renters are now very good at doing their online research before going to see a home in person, which now results in fewer in-person tours. Most renters (74%) end up doing one to four in-person tours. Looking at five or more homes is now uncommon, with only 8% of renters doing this.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, the number of renters willing to sign a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-to-include-in-a-lease-agreement\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">lease<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0without seeing a home in person has also declined. It is now 19% versus 21% in 2018. Moreover, most renters still sign their lease on paper (52%), although the same percentage say they would prefer to do this online. The demand for digital lease signing is growing, but slowly. At this point, it isn\u2019t an essential factor in renter preferences.\u00a0<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"452\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/pay-online-768x452-1.jpeg\" alt=\"Share of renters that pay rent online vs. those that prefer to pay online (2018-2023) - Zillow Consumer Housing Trends Report 2023\" class=\"wp-image-162851\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/pay-online-768x452-1.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/pay-online-768x452-1-300x177.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\"><em>Share of renters that pay rent online vs. those that prefer to pay online (2018-2023) &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-become-a-digital-landlord\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Digital rent payments<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;are where a shift in preference is significant: 60% of renters now pay their rent online, and 69% say they would prefer to, up from 57% in 2018. The inconvenience of writing checks or making cash payments is almost certainly a factor in this preference.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Renters Believe to Be Highly Important in a Home<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Has the COVID-19 pandemic left a lasting impact on renter preferences? The answer is a resounding yes. Years of isolation and boredom during the pandemic have resulted in a cohort of renters who want to live in lively, walkable neighborhoods with a sense of community and access to leisure activities and shopping. While the old priorities, such as proximity to family and commutable distances to work, have remained stable over the years, the rise in new priorities is very noticeable.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In 2018, 55% of renters said that they wanted to live in a walkable neighborhood; the percentage is now 61%. A sense of community or belonging mattered to only 33% of renters five years ago; now, it matters to 42%. Access to services, leisure activities, and shopping is important to 56% of renters, up from 47% in 2018.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Share of Recent Renters who Consider each Neighborhood Characteristic Very or Extremely Important<\/th><th>2018<\/th><th>2019<\/th><th>2020<\/th><th>2021<\/th><th>2022<\/th><th>2023<\/th><\/tr><\/thead><tbody><tr><td>Close to family and\/or friends<\/td><td>36%<\/td><td>37%<\/td><td>38%<\/td><td>39%<\/td><td>37%<\/td><td>39%<\/td><\/tr><tr><td>Close to shopping, services, and\/or leisure activities<\/td><td>47%<\/td><td>50%<\/td><td>51%<\/td><td>49%<\/td><td>49%<\/td><td>56%<\/td><\/tr><tr><td>Close to public transportation<\/td><td>36%<\/td><td>35%<\/td><td>34%<\/td><td>31%<\/td><td>33%<\/td><td>37%<\/td><\/tr><tr><td>My commute to work or school<\/td><td>58%<\/td><td>57%<\/td><td>55%<\/td><td>52%<\/td><td>56%<\/td><td>59%<\/td><\/tr><tr><td>In a walkable neighborhood<\/td><td>55%<\/td><td>56%<\/td><td>55%<\/td><td>56%<\/td><td>57%<\/td><td>61%<\/td><\/tr><tr><td>Offered a sense of community or belonging<\/td><td>33%<\/td><td>34%<\/td><td>34%<\/td><td>35%<\/td><td>39%<\/td><td>42%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>Share of renters who consider these amenities important (2018-2023) &#8211; Zillow Consumer Housing Trends Report 2023<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">These shifts in renter priorities are in line with the overall post-pandemic migration patterns: away from the largest cities and toward smaller but still vibrant metro areas. Renters, even if they don\u2019t plan to rent for very long, want more than just a place to crash after work. They desire a fun and friendly area to call home.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The biggest takeaway for real estate investors from the Zillow report is that, as squeezed financially as they are, renters know they have choices. They prefer well-maintained homes in good neighborhoods with a vibrant, community-oriented feel. Affordability continues to be a key concern, and investors who can tick all three major preference boxes\u2014affordable for the area, in good repair, and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/breaking-down-the-location-location-location-principle-in-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">in a good neighborhood<\/span><\/a><span data-preserver-spaces=\"true\">\u2014will reap the rewards of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/5-steps-to-lower-vacancy-rates-and-increase-renewal-rates\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">lower tenant turnover<\/span><\/a><span data-preserver-spaces=\"true\">, higher rent yields, and lower vacancy rates.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As ever, understanding your regional market specifics is essential. One in three adults in the U.S. are renters, and the numbers will continue growing. What you need to know as an investor is who\u00a0<\/span><em><span data-preserver-spaces=\"true\">your<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0typical renter is: Are they older or younger? Are they looking for a family home or a one-bedroom apartment? What is their typical income range? Once you\u2019ve figured out these key parameters, you will be able to invest more wisely and profitably.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_cbe45afb9b5e8f2b074c57e0a1ec699f\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_ddd618d0b0149f9e7642296f168379e3\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=button-custom-event-block_a5ef0a0da97d1a1a2a1793ae3afcffdb class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/zillow-renter-survey-2023&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Zillow&#8217;s survey asked questions about renter preferences, current living conditions, and more. Investors should take note and adjust their strategies accordingly.<\/p>\n","protected":false},"author":613618,"featured_media":162847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-162845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/162845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613618"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=162845"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/162845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/162847"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=162845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=162845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=162845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}