Executive Summary

A global pandemic, historic economic change and an unprecedented shift in the housing market have been hallmarks of the past year. But while these large-scale changes have shifted the landscape and have the potential to reshape renters' preferences over the longer term, many behaviors and attitudes remain the same. A year after the outbreak of the pandemic and shocks to the rentals market, much has returned to normal.

The 2021 Consumer Housing Trends Report (CHTR) provides a snapshot of what housing consumers are thinking and doing in mid-2021. In this report, we take a deeper look at renters who moved in the past year (shorthanded to "renters" throughout this report)¹; In other reports, we examine homeowners, buyers, and sellers more closely. Information about who renters are in 2021 can equip business teams with the tools they need to make informed decisions in this transformed housing market landscape.

Who are renters?

The typical US renter who moved in the last year is 33 years old, never married, has at least some college education, and is most likely to live in the South. Demographic change tends to play out over a long time: Most of these characteristics have not changed substantially, if at all, over the last few years.

What do their homes look like?

Most renters (53%) live in an apartment building. The typical rental home has two bedrooms, two bathrooms and is 500-999 square feet.² Most renters (63%) moved from a previous rental.

How much do they pay upfront?

The typical (median) renter submitted two applications. For renters that submitted at least one application, the typical application fee was $50. Most renters (88%) also reported paying a security deposit — typically $700 among renters that paid one. Application fees and security deposits follow many similar trends: renters in urban and suburban areas, renters of color, younger renters, and renters in regions with the most expensive rental markets are all more likely to pay an application fee and/or a security deposit, and those upfront costs tend to be higher.

What characteristics do they value in a rental?

From a series of home and location characteristics, renters are most likely to say that a home that's within their initial budget is very or extremely important (81%). Having their preferred number of bedrooms was the home characteristic that followed (64%). Possibly due to pandemic closures, in 2021 the likelihood that renters considered shared amenities like gyms, decks and pet areas as highly important — which had been increasing in prior years — paused.

Who is planning to move (again)?

Seven-in-ten renters (70%) say they're considering moving again within the next three years. Despite the unprecedented events of the last twelve months, this number has stayed consistent with findings from 2018 (68%), 2019 (67%), and 2020 (69%). Among those considering moving, a majority (53%) say they plan to continue renting while two-in-five (39%) say they plan to buy their next home. The remainder (8%) say they plan to have another living situation.

What prompted renters to move?

Overall, 71% of renters say that a life event influenced their decision to move to a new rental: The most common reason renters cite for moving is a change in their household or family size (35%), followed by a new job or job transfer (33%) and working remotely more often (29%). About 39% say that a rent increase impacted their decision.

What technology do they use while searching and renting?

Renters in 2021 were slightly more likely to consider viewing an interactive 3D tour as very or extremely important when deciding which home to rent (28% in 2021, 23% in 2020). And they are more likely to agree somewhat or completely that they're more likely to view a home if the listing includes a floor plan they like (71% in 2021, 67% in 2020).³

Landlords are starting to meet renter demand for digital options like signing leases and paying rent online (65% of renters say they would ideally pay their rent online and 45% of renters say they would ideally sign their lease online), but the uptake is incremental. Half of renters (52%) report paying their rent online — up from a third (36%) in 2018, and the share of renters that sign a lease online has trended upward as well (to 35% from 21% in 2018).

Survey Methodology

Research Approach

In order to gain a comprehensive understanding of U.S. renters, Zillow Group Population Science conducted a nationally representative survey of more than 2,000 renters. The study was fielded between March and July 2021. Wherever possible, survey questions from previous years were asked in the same manner this year to allow for the measurement of year-to-year trends in key areas of business interest. This year was the first year that ZG Population Science designed, fielded and analyzed the survey entirely in-house.

For the purpose of this study, "renters" refers to household decision makers 18 years of age or older who rent their primary residence and moved there within the past year.

Sampling & Weighting

Results from this survey are nationally representative of renters. To achieve representativeness, ZG Population Science used a two-prong approach. First, the initial recruitment to the sample was balanced to all renters from the U.S. Census Bureau, 2019 American Community Survey (ACS) on the basis of age, relationship status, income, ethnicity/race, education, region and sex. Additional targeted subgroups were sampled based on all key household demographic characteristics. Second, statistical raking was used to create calibration weights to ensure that the distribution of survey respondents matched the U.S. population with respect to a number of key demographic characteristics.

Quality Control

To reduce response bias, survey respondents did not know that Zillow Group was conducting the survey. Several additional quality control measures were also taken to ensure data accuracy:

• We identified and terminated any professional respondents, robots or those taking the survey on multiple devices.

• Completion times were recorded to ensure that surveys submitted by the fastest respondents, who may have rushed through the survey, did not provide poor quality data. If necessary, these respondents were removed from the sample.

• In-survey quality control checks identified illogical or unrealistic responses.

Additional Data Sources

Unless otherwise specified, estimates in this report come from the Consumer Housing Trends Report (CHTR) 2021, and year-over-year comparisons also use data from CHTR 2018, CHTR 2019 and CHTR 2020. To provide a fuller picture of the state of home rentals and renters' characteristics, preferences and behaviors, we also analyzed data from other sources:

• U.S. Census Bureau, 2019 American Community Survey – The most recently available dataset from the U.S. Census Bureau's survey of the U.S. population. The ACS is the nation's largest survey and is based on a probability sample; as such, it is considered one of the leading sources of information on U.S. population and housing.

• Zillow Group Population Science Fall 2020 Survey of Renters – Because many young renters moved out of the rental market at the start of the COVID-19 pandemic, this survey supplemented previous ZG Population Science research on both shifting and stable sentiment among renters while capturing an age demographic that was atypically absent from the rental market earlier that year. Topics included renter preference on location, virtual home searching tools, and reasons for moving.

The Typical Renter & Rental

In this section, we provide a high-level overview of key renter info and what their homes look like. According to Census Bureau American Community Survey (ACS) data, 31% of adults in the country are renters (regardless of whether they moved in the past year). About a quarter (24%) of these renters moved in the past year. Throughout this section, information about renters who moved in the last year comes from CHTR, and information about other groups comes from ZG Population Science analyses using ACS data.

Age

The median age of U.S. renters is 33 years old and about two-thirds (65%) of renters are under the age of 40; only 6% of renters are in their seventies or older, and 7% are in their sixties. In other words, the age distribution of renters who moved in the last year skews younger than the overall U.S. population. While this research refers to renters as household decision makers that rent their primary residence and moved in the past year, renters as a whole, including tenured renters who did not move, skew older. The median age for a tenured renter (who did not move in the past year) is 45 — more than a decade older than the typical renter that moved.

Consistent with age, the largest generational group of renters is between 27 and 41 years old in 2021 — the group colloquially known as "Millennials." About 42% of renters are Millennials.

Race & Ethnicity

Just over half of renters are non-Hispanic white or Caucasian (56%), smaller than the overall share of the U.S. adult population that is white (63%). At the same time, 12% of U.S. adults identify as non-Hispanic Black or African American, while 17% of renters are Black.

Region

The largest share of renters live in the South (39%), followed by the West (25%) and Midwest (21%). The smallest share lives in the Northeast (15%).

Gender Identity & Sexual Orientation

The percentage of renters identifying as LGBTQ+ has been on an upward trend over the last few years. About one in ten (11%) renters identified as LGBTQ+ in 2019, the first year CHTR asked about sexual orientation and gender identity, then 16% in 2020.⁵ This likely represents the growing share of renters, many of whom were born in more recent years, who may be more likely to feel comfortable self-identifying as LGBTQ+.

Income

Renters tend to have lower incomes than the U.S. population overall. The annual median household income among renters is approximately $42,500, compared to the overall national median (2019) of $65,700.⁶

Education

Renters tend to have a similar level of education to the overall population of U.S. household decision makers: 36% of renters have at least a four-year degree, similar to 34% of overall U.S. household decision makers.

Relationship Status

Skewing younger than the U.S. population as a whole, renters are less likely to be married, divorced, separated or widowed. A majority (51%) are single and never married. These differences in relationship status may provide a partial explanation for the lower household income of renters compared with the overall population.

Household Composition⁷

• 29% of renters have children under age 18 in their homes

• 2% of renters have their parents or parents-in-law in their homes

• 38% have at least one dog

• 29% have at least one cat

• 13% have another kind of pet

Urbanicity

Almost half of renters describe the area that they live in as suburban (45%); 41% say they live in an urban area, and the remaining 14% say they live in a rural area.

Home Type, Beds, Baths, and Size

Apartments of various sizes are what most renters call home: 53% of renters report living in an apartment building. About one in five renters (17%) say they rent in a smaller-size apartment building (fewer than 10 units). The same share (17%) said they live in a medium-size building (10-49 units), and 19% said they live in a larger multifamily building (50 units or more). About 21% live in a single-family detached house.

The typical (median) renter lives in a 2-bed, 2-bath, apartment between 500 and 999 square feet.

Most Renters Changed Neighborhoods, but Stayed Local

As noted above, this report focuses on renters who moved within the last year. When asked how far they moved, the largest share (39%) said they stayed in the same city, but changed neighborhoods. About one in ten (11%) reported staying in the same neighborhood. The smallest share (2%) moved from abroad.

That is, about 68% of renters stayed within the same metro area. Over time, this number has largely stayed stable (72% in 2019, 73% in 2020). The exception being a slight increase in the share of renters that moved within the same state, but changed metro areas (13% in 2019, 12% in 2020, up to 16% in 2021), and a small decrease in the share that say they stayed in the same neighborhood (16% in 2019, 14% in 2020, down to 11% in 2021).

Most Ended Up In The Location They Initially Considered

The majority of renters (60%) said they ended up in the area they initially considered. Others ended up close (19%) or somewhat close (12%) to where they initially considered, while the remaining 8% ended up very far from their original area. This trend has not shifted significantly between 2018 and 2021.

Higher-income renters were more likely to end up in the area they originally considered: Approximately two thirds of renters with a household income of $50,000 to just under $100,000 (66%) ended up where they initially considered, as did a similar share of those making $100,000 or more (67%). Closer to half (55%) of those making less than $50,000 ended up in their initially considered area.

Renters who identify as LGBTQ+ (49%) and renters of color (56%) were less likely to report ending up in their initially considered area, compared to cisgender heterosexual (64%) and non-Hispanic white (64%) renters.

Upfront Costs

Applications & Application Fees

The typical (median) renter submitted two applications — one online and one on paper/in person. Among those who applied, most (79%) say they were at least somewhat certain that they would qualify (42% were completely certain). For these rental applicants, the typical application fee was $50. The typical number of applications and amount in fees that renters reported has not changed significantly between 2021 and 2018.

Submitting at least one rental application was the norm across generations. However, younger renters were more likely to submit at least one application than their older counterparts. While almost all Gen Z renters (90%), as well as most Millennial (88%) and Gen X (86%) renters submitted at least one application, only three quarters (73%) of Boomer & Silent Generation renters submitted one.

These older renters were more likely to say that they first found their rental from a friend, relative, neighbor or colleague (26%, compared to 19% of total renters) or the landlord, property manager or leasing agent (17% versus 9%). These personal connections may help explain why older renters were less likely to submit an application, combined with the fact that they are more likely to live in rural areas (19% do, compared to 14% of total renters).

Black and Latinx renters typically reported submitting one more application than white and Asian renters: The typical white or Asian renter submitted 2 applications, while Black and Latinx renters typically reported submitting 3. Black and Latinx renters were also almost twice as likely to report submitting 5 applications or more (38% of Black and Latinx renters report submitting 5 or more, compared to 21% of white renters). Renters of color report paying a higher median application fee than white renters: The typical white renter reported paying $35 in application fees on their rental, while the typical Black, Latinx, and Asian renters all reported spending $50 on application fees.⁸

Renters in large multifamily buildings (those with 50 units or more) were most likely to report submitting at least one application: 93% do, compared with 82% of those in single-family detached houses and 85% of those renting other home types.

Renter Certainty When Applying

Most renters (79%) reported being at least somewhat certain they would qualify when they applied for a rental. But less than half (42%) said they were completely certain. White renters were more likely to say they were completely certain: 46% said they were, higher than 34% of Black and 38% of Latinx renters. And the highest-income group of renters (those with a household income of at least $100,000), was also more likely to say they were completely certain (52%) compared to those making less (42% among renters making $50,000-$99,999 and 39% of those making less than $50,000).

Other groups less likely to say they were completely certain they would qualify when they submitted a rental application were LGBTQ+ renters (34%, versus 45% of cisgender heterosexual renters), renters with children at home (35% versus 42% of renters with no children), and those that ended up renting from a private landlord (39% versus 45% of those renting from professional management companies).

Security Deposits

For renters that pay one, the typical security deposit increased slightly from $650 in 2020 to $700 in 2021.⁹ For security deposits, many of the same trends as application fees repeat themselves: Renters of color, renters in urban & suburban areas, and renters in geographic regions with more competitive rental markets tend to put down larger deposits.

All dollar amounts are adjusted for inflation to 2021 values. Source: Consumer Price Index (CPI) for Inflation Adjustments from US Bureau of Labor Statistics. CPI for each year is the average from March – June (when the vast majority of survey responses were collected)

Renters in urban areas and the suburbs are similarly likely to pay a security deposit. And while security deposits are still the norm for rural renters, renters in rural areas are slightly less likely to pay one. Among renters that pay one, the typical urban and suburban security deposits ($700 and $730, respectively) trend higher than the $550 that rural renters typically report paying.

Renters in the regions with more expensive and competitive rental markets (mainly the Northeast and West) tend to have the highest security deposits. The typical renter reports a $900 security deposit in the Northeast, $800 out West, and a comparatively lower $500 in both the Midwest and South.

When comparing generations and age groups, middle-aged renters tended to have the highest deposits, while the youngest and oldest renters typically had lower ones. The oldest generations of renters are the most likely to avoid paying a deposit at all: 79% report paying a security deposit — lower than 93% of Gen Z, 90% of Millennial, and 85% of Gen X renters.

Renters of color are more likely to report paying a security deposit: 92% do, compared to 85% of white renters. When they pay one, the deposits that renters of color put down also tend to be higher: The typical renter of color that pays a deposit reports that it was $750 — $150 more than the typical $600 for their white counterparts.

Renters appear similarly likely to pay a security deposit no matter what type of home they rent. Past results, however, suggest that renters in single-family detached houses can be slightly more likely to dodge paying a deposit. When they don't avoid paying one, which is the case for 86% of single-family renters, their deposit amounts are typically twice as high: The typical security deposit among single-family renters that pay one is $1,000 — double the typical $500 for renters in multifamily buildings. A lower likelihood of paying an application fee (which often includes a credit check) combined with the fact that single-family renters are more likely to rent from a private owner (who may be less able to offset risk from a single tenant than a professional management company) likely contribute to this difference.

Resources Renters Use When Shopping & Searching

More Renters Searching on Mobile Devices

While renters are similarly likely as in prior years to report searching on a computer, the share that say they searched on a mobile website rose this year (74% in 2021, up from 65% in 2020) and/or on a mobile app (60% in 2021, up from 51% in 2020).

Home & Neighborhood Characteristics that Renters Consider Highly Important

Importance of Staying on Budget Persists

When asked what home characteristics they are most likely to consider very or extremely important, renters have consistently said that staying within their initial budget is highly important. The largest majority (81%) said so, higher than any other home characteristic.

Preferred number of bedrooms was the runner-up, at a distant 64%. Despite the rise of remote work with the COVID-19 pandemic, the importance of renters' preferred number of bedrooms has held steady over the last few years.

Pandemic May Have Paused Growing Demand for Shared Amenities

Between 2018 and 2020, the share of renters that considered various shared community amenities like gyms, decks, gardens, and game rooms highly important inched upward. In 2021's survey, however, this trend appears to have ground to a halt or even reversed.

The likelihood that renters consider a shared fitness center or gym highly important dropped from its 2020 peak of 23% to 17% in 2021. The importance of other amenities did not shift significantly.

Importance of Neighborhood Characteristics Hold, Mostly

Despite a rise in working from home, renter preferences regarding location and neighborhood remain largely unchanged. Renters are similarly likely to consider most highly important as they were in the previous three years. The exceptions are proximity to public transportation, which dropped five percentage points (from 36% in 2018 to 31% in 2021) and commute to work or school (58% in 2018 to 52% in 2021). The importance of proximity to family and friends (39%), shopping, services and leisure activities (49%), walkability (56%) and a sense of community or belonging (35%) did not change significantly.

Pandemic Coincided with an Increase in the Share of Renters Considering Buying

Most Considered Buying During their Rental Search

As in 2020, a majority of renters in 2021 said they considered buying when they were looking for a home to rent: 56% said they at least thought about it, similar to 55% in 2020 and higher than 49% in 2019 and 46% in 2018.

Millennial renters were the most likely to say they considered buying: 65% said so, significantly higher than the oldest generations of renters — only a third of Baby Boomer and Silent Generation renters (32%) said they at least thought about buying.

Almost Two-Thirds of Recent Renters Consider Moving Again Within the Next 3 Years

Similar both before and after the pandemic, renters consistently consider moving: 70% say they are considering it within the next 3 years. About a quarter (24%) say they are currently considering moving, and approximately one in five (21%) say they're considering moving in the next year. Another quarter (24%) say they're considering it within the next two to three years. One in seven (14%) say they might consider moving, but not within the next 3 years. And the remaining 17% say they have no plans to move.

The share of renters considering moving has remained stable since 2018, when 68% said they were considering it within the next three years.

The Share Considering Moving Remained Stable, But Plans to Buy Stayed Up

In 2018 and 2019, 34% of renters considering moving within the next three years said they planned to buy their next home. In 2020, the share increased slightly to 39%, and in 2021, the same share (39%) said they planned to buy.

Importance of Virtual Home Tours Goes Up, as Does Desire for (Digital) Floor Plans

Importance of 3D Tours, Recorded Video, and Live Virtual Tours Move Up

Renters in 2021 were more likely to say that viewing an interactive 3D tour of the property was very or extremely important in helping decide if a rental was right for them (28% in 2021, up from 23% in 2020). Watching recorded video of the home (18% in 2018, up to 25% in 2021) and taking a live virtual tour of the home (25% in 2018, up to 29% in 2021) also appear to be on an upward trend.

Renters Increasingly Want (Digital) Floor Plans

Renters in 2021 were more likely to agree with a series of statements regarding their desire for (digital) floor plans since 2020. Renters were more likely to agree somewhat or completely that they wasted time during their home search on properties they would have skipped if they had understood their floor plans (40% in 2020, 43% in 2021), that they're more likely to view a home if the listing includes a floor plan they like (67% in 2020, 71% in 2021), and that a dynamic floor plan would help them determining if a home is right for them (58% in 2020, 63% in 2021).

Slight Drop in the Share of Renters that Toured In Person

Going on two in-person tours is still typical, but 2021 showed a reversal in the subtle trend from 2018 to 2020: While less than one in five renters (18%) reported foregoing in-person tours entirely in 2020, closer to one in four (23%) said they passed on them in 2021. Fewer renters reported touring 5 or more rentals in person: Only one in ten (10%) said they did, down from about one in seven (15%) last year. The middle group (those who reported between one and four in-person tours) did not shift significantly, however. Since many renters interviewed in 2020 searched for their rental before the pandemic hit, it's possible that pandemic precautions contributed to this change.

The oldest renters (those age 60 and older) were the most likely to forgo in-person tours; about a third (34%) reported taking zero. This older group, however, did not become more likely to indicate that they valued tech tools like virtual tours or recorded video, so it's more likely that many of them relied on personal connections or accepted more uncertainty when choosing a new rental.

More Renters Sign Their Leases Electronically

While the share of renters that signed their lease electronically stayed largely unchanged between 2018 and 2019 (21% and 23% respectively), 2020 saw a substantial increase to 30%, and the trend continued in the 2021 survey, where 35% of renters reported signing their leases electronically. In-person leases are still the norm for a majority of renters (56%), but have been on a downward trend since last year.

The divide between the 45% of renters that say they would ideally prefer to sign their lease online and the 35% that say they actually do shows that there is still unmet demand for electronic leasing options. Among renters that signed a lease in person, about a third (35%) say they would ideally prefer to sign online.

Gen Z Is Leading the Way in Killing In-Person Rent Payments; Millennials, Gen X and Baby Boomers Have Joined Them

2021 is the first year where majorities of Gen Z and Millennial renters both reported paying their rent online. Almost two-thirds of Gen Z renters (64%) said they typically paid their rent online, as did a slim majority of Millennials (51%).

Consistent with findings from Fall of 2020, majorities of renters across all generations said they would ideally pay their rent online. Gen Z leads the way; approximately three quarters (73%) of renters in this age group say they would ideally pay their rent online. Millennials follow closely at 67%.

Pandemic May Have Prompted Landlords to Ramp Up Online Rent Payment Options

As the desire to pay rent online grows, demand is still unmet. However, 2021 revealed the largest narrowing of the gap between the desire to pay rent online and the share of renters that actually pay that way: The gap was largest in 2018 and 2019 (20 percentage points) and appears to have shrunk seven points (to 13 percentage points). It is possible that the peak demand in the fall (when 69% of renters said they would ideally pay online), potentially a result of the COVID-19 pandemic, prompted landlords to increasingly offer the option to pay online.

Majority of Renters Get At Least One Perk or Concession

Renters surveyed in 2021 were slightly more likely to report getting at least one perk or concession as a part of their rental agreement than those in 2020. Among renters that recalled which concessions they received, 59% said they got at least one — up four percentage points from 55% in 2020. The most common perk that renters reported getting was parking — about a quarter (25%) said parking was included in their rental agreement — up from one in five (19%) last year. The frequency of all other concessions stayed similar.

Concessions Appear to Have Peaked in February

According to an analysis of Zillow rental listings, the share of listings that advertised at least one concession peaked in February (37% mentioned one). By June, that number had dropped to 28%. Because ZG Population Science surveyed renters that moved in the past year, many of these renters were more likely to benefit from this peak in concessions.

Perks & Concessions More Common for Young, Higher-Income, Urban, and Multifamily Renters

The youngest generation of renters (those age 26 and younger) were the most likely to secure at least one perk or concession in their rental agreement: 73% reported doing so, higher than 59% of those between 27 and 41 years old, and 45% of those age 42 and older.

Higher income renters (those with a household income of at least $100,000) were also more likely to report getting a concession: 69% reported doing so, compared to 57% of those making less.

Renters in large multifamily buildings were also more likely to report getting a concession: 68% said they did, compared to 43% of renters in single-detached houses. Renters in other home types were the middle ground: 61% reported getting at least one concession.

Renters in each of these groups associated with a higher likelihood of reporting a concession may not actually be more likely to receive each perk, like parking, but rather more likely to consider such a perk as something they cannot take for granted: Renters in single-detached houses, for example, may consider parking as a given, which may explain why 86% didn't report receiving it as a concession or perk.

Many Renters Face Precarious Financial Circumstances

The Oldest Renters Are Least Likely To Say They Could Afford an Unexpected $1,000 Expense

Older generations of renters are less likely to say that they could afford an unexpected $1,000 expense: About half (56%) of Baby Boomer and Silent Generation renters say they could — lower than roughly two-thirds of Gen Z renters (65%).

The Typical Renter Has Enough Saved to Pay Just 3 Months of Rent

The typical renter reports a net worth of $3,400 — the sum of all their reported assets in savings, checking, retirement and investment accounts. Given that the median renter reports that their rent is $1,045 a month, these savings could last about three months (with the largely impossible assumption that they spent next-to-nothing on food, childcare, healthcare, electricity, or other expenses).

Roughly Three Quarters of Renters Over Age 60 Have No Retirement Accounts

Across all generations of renters, having a retirement account is not the norm. Millennial renters are the most likely to have one — at 49%. For the oldest renters, though, approximately one in four (28%) have one. ¹⁰

These oldest renters also typically report having less money saved (the typical Baby Boomer and Silent Generation renter reports a total of $2,000 saved). For this age group, whose typical rent is $990, savings would last them two months of rent, assuming no other expenses. This lower rent-to-savings ratio may help explain why a smaller share of older renters reports being able to afford an unexpected $1,000 expense.

Almost Half of Renters Said they Experienced A Rent Increase

Almost half (46%) of renters said they experienced some sort of rent increase. Among those that reported one, the typical amount was $150 — down slightly from $200 in 2020 and $196 in 2019. About one in seven renters who experienced a rent increase (15%) said it did not impact their decision to move. A remaining 44% said that their rent increase impacted their decision to some extent, and 41% said it impacted them to a great extent.

Older renters were more likely to say that their rent increase did not impact their decision (20% of Gen X, Baby Boomer, and Silent Generation renters and 16% of Millennial renters, compared with 9% of Gen Z renters).

Last year, renters that moved to single-detached houses were twice as likely to report that they did not experience a rent increase at their previous rental than renters in multifamily buildings. In 2021, that difference disappeared: The two groups of renters were equally likely to report a rent increase at their previous rental (both 47%) — in other words, similar majorities of renters in each type of home (53% of both) did not experience a rent increase this year. With the assumption that renters are more likely to move to a home of the same type, this finding suggests that many multifamily buildings may have put a hold on rent increases to retain tenants during the pandemic.

¹This definition allows a deeper investigation into the process of searching and shopping for a new rental home.
²Renters were asked about their home's square footage in ranges. According to the 2019 American Housing Survey, the median was 980 square feet.
³For a series of statements on 3D and virtual tours, the likelihood that renters agree on their desire for such technology appears to have fluctuated throughout the pandemic — indicating that demand for them may have peaked in the fall during the height of lockdowns and stay-at-home orders.
⁴Zillow Group Population Science calculates estimates for "Household Decision Makers" when utilizing U.S. Census Bureau, American Community Survey data by averaging the characteristics of heads of household and their spouses and/or partners within a household. For renter households, this definition also includes roommates/housemates.
⁵LGBTQ+ renters are those who identified as gay, lesbian, bisexual, transgender, gender non-conforming/non-binary, intersex, or with another sexual orientation (other than straight) or gender identity (e.g. gender fluid, gender queer, gender neutral).
⁶National median income is from U.S. Census Bureau, 2019 American Community Survey.
⁷These estimates come from CHTR 2021 and the 2019 American Community Survey.
⁸These higher fees and number of applications that renters of color disproportionately experience may at least be partially attributable to age, income, and geography: The typical renter of color is 2 years younger than the median white renter. White renters are more likely to rent in rural markets and the Midwest, both of which generally skew less expensive, while renters of color are more likely to rent in urban markets. Asian and Latinx renters in particular are more likely to rent in the West, which includes many of the country's most expensive and competitive rental markets. Exploratory analyses of the data suggest that differences in region, urbanicity, age structure, and income explain about 10-20% of Latinx-white differences. Models, however, are underpowered for a more detailed accounting of sources of racial/ethnic differences.
⁹Adjusting for inflation using the Consumer Price Index (CPI), the median security deposit for renters who paid one was $678.
¹⁰However, some renters — especially those 60 and older — may have pension plans, social security payments, or other sources of sustaining income in lieu of retirement accounts.

The post Renters: Results from the Zillow Consumer Housing Trends Report 2021 appeared first on Zillow Research.