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Recent Renters Reveal Five Winning Strategies to Land a Place in Today’s Hot Market

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New Zillow survey finds being flexible about move-in date and offering to pay more up front are the top strategies to land a rental in an ultracompetitive market

Seattle, WA – Oct. 27, 2022 (PRNewswire) Typical monthly rents are the highest they’ve ever been ($2,084 as of September), yet the rising cost of buying a home is keeping more and more people in the rental market. Safe to say, it’s a stressful time to be a renter. In a recent Zillow survey,i more than one-third of recent renters (defined as Americans who moved into a rental unit in the past 2 years) reported that getting their current rental was more difficult than getting a new job. 

What’s making it so hard to land a rental? On top of determining how to afford a new place, renters face fierce competition from those who want or need to continue renting. Standing out to potential landlords among a slew of applicants is difficult, and staying organized to move quickly is of the utmost importance. Zillow asked recent successful renters for strategies they used to land their home. 

Strategy 1: Be flexible about move-in date
More than one-third (34%) of recent renters said this strategy helped. Moving in earlier or later than initially planned is a (sometimes expensive) sacrifice, but it can help open up more options for renters. If a landlord won’t budge on a proposed lease start date and the renter is able to stay with friends or relatives during the lease gap or have rental payments overlap for a short time, this strategy has been proven to work.

For renters who don’t have this flexibility, it’s best to keep their search specific to homes that line up with their move-in timing. Zillow’s new move-in date filter can better align the end of a lease with the start of a new one, eliminating the “double rent” scenario.

Strategy 2: Be willing to pay more up front 
In Zillow’s survey of recent renters, 30% said paying at least two months’ rent in advance helped them win their most recent rental. Only 20% of renters said they were involved in a bidding war for their place, but paying more up front may be a way to grab the attention of a landlord. 

Even when that’s not an option, renters should always make their best offer. Renters can start by researching and knowing what they can afford before even starting their search. Zillow’s rent affordability calculator can help determine their price range, and Zillow’s Rental Market Trends tool provides an up-to-date look at their desired market to help them feel confident they are getting a fair deal.

Strategy 3: Have strong references 
Serious renters should have all of their documentation ready to go even before they start searching. It’s common for landlords to ask for references, so having a few options ready to attest to a renter’s reliability and trustworthiness is an important strategy — one that helped 29% of recent renters land their place. 

In addition, Zillow’s Renter Profile helps renters get a jump on putting their best foot forward and moving quickly when it comes time to apply. 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 offer a sense of what they’re looking for in a rental.

Strategy 4: Being one of the first applicants 
Landlords don’t want their units sitting vacant for any longer than they have to, so it makes sense that being one of the first applicants was a successful strategy for more than 1 in 4 (26%) recent renters. In fact, in some areas, renters can move faster by taking advantage of virtual 3D Home tours and interactive floor plans on many Zillow rental listings. This quickly narrows their options, avoids wasting time touring apartments that are not a good fit and enables them to be among the first to apply. Renters should also check to see if the city in which they are searching has laws requiring landlords to accept the first applicant who meets all requirements.   

Applications do still take time, and they come with a cost. Renters can gain advantages of both speed and savings in this supercharged market simply by using Zillow Applications. For a flat fee of $29, renters can use Zillow Applications to apply online for an unlimited number of participating properties for 30 days, which gives them the ability to control costs and add flexibility to their search. 

Strategy 5: Offering to sign a longer lease 
For a landlord, there’s a lot of work that goes into filling a rental unit, so the additional security of knowing that their rental will have a tenant for more than just a typical 12-month period may make an offer more attractive. In fact, 23% of recent renters noted that this strategy helped them into their place. 

In a market where rent prices continue to climb, signing a longer lease can be a great strategy for renters, too. Locking in the current price for two years instead of one can help them avoid annual rent increases. 

Despite the cooling temperatures, aspiring renters are entering an extremely hot rentals market this fall, but one or more of these proven strategies can help them land their next rental. 

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and 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®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. 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 

SOURCE Zillow

Realtor.com® March Rental Report: U.S. Rental Prices Soar by Nearly 20% in Just Two Years

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National rents hit a new high of $1,807 in March; Sun Belt metros top the list of biggest two-year rent gains, beating out large tech hubs

Santa Clara, CA – April 14, 2022 (PRNewswire) U.S. rental prices grew by nearly 20% from March 2020 to 2022 during the pandemic, according to the Realtor.com® Monthly Rental Report released today. Additionally, two-year rental trends indicate some redistribution of higher rents across the 50 largest markets during COVID, as renters migrated from expensive big tech cities to relatively more affordable areas. Sun Belt metros topped the list of fastest-growing rental markets from March 2020-2022, led by Miami, Riverside, Calif. and Tampa, Fla., while big tech hubs posted many of the country’s smallest two-year rent gains.

“With asking rents nearly 1.2 times higher than two years ago, our March data highlights rising rental affordability challenges faced by many Americans today,” said Realtor.com® Chief Economist Danielle Hale. “At the same time, March rental trends offer early signs of relief from the feverish pace of rent growth, which moderated year-over-year for the second month in a row. We expect cooling to continue over time, but the jury is still out on whether rent growth will hit single-digits by the end of 2022. This is largely due to the mismatch between rental supply, with vacancy rates at record-lows, and demand rising as some would-be buyers potentially turn to renting in the face of higher home prices and mortgage rates. While the jobs market is strong, it’s unlikely that we’ll see enough income growth to keep rents under 30% of monthly paychecks – especially with higher inflation and everyday costs. Still, there is a silver lining for renters, as rents won’t be able to sustain an accelerated pace if incomes can’t keep up.”

March 2022 Rental Metrics – National

Unit SizeMedian RentChange over March. 2021Change over March. 2020
Overall$1,80717.0% ($263)19.3% ($292)
Studio$1,48316.9% ($215)12.6% ($166)
1-bed$1,65916.3% ($232)17.9% ($252)
2-bed$2,02816.4% ($286)21.9% ($364)

Rents grow by nearly 20% in the two years since the pandemic began

The U.S. median rental price hit a new high of $1,807 in March, up 19.3% in just two years, highlighting a roller coaster ride of change since the pandemic began. Following a slowdown in 2020 at the onset of COVID, rents significantly made up lost ground in 2021 and have since maintained a feverish pace of annual rent growth. In fact, March marked the eighth consecutive month of double-digit annual rent gains (+17.0%), even as the pace moderated slightly over February (+17.1%).

Although the underlying reasons have shifted over the course of the pandemic, data suggests that renting remains a popular option for Americans who desire flexibility. With the rise in remote work earlier on, renting offered an attractive option for those looking to explore living in relatively affordable markets further from big tech cities. Now that for-sale home prices and mortgage rates are climbing, many would-be buyers are turning to renting and driving up rental prices. In March, rents grew nearly four-times faster year-over-year (+17.0%) than in March 2020 (+4.3%).

With demand for more living space rising during COVID, rental prices for two-bedroom (+21.9%) and one-bedroom (+17.9%) units increased at the fastest rates from March 2020-2022. Studio rents, which experienced the biggest rental declines at the onset of COVID, posted relatively smaller two-year gains (+12.6%) in March. However, studio rents are quickly making up lost ground, posting the highest annual rental price gains among unit sizes for the third consecutive month in March.Pandemic drives some redistribution of the fastest-growing rental markets

Among the 50 largest U.S. metros, COVID rental trends indicate some redistribution of high rents from the biggest tech cities to relatively more affordable metros outside of major downtowns. In March, big tech cities accounted for none of the top 10 metros by highest two-year rent growth. Instead, this list was dominated by Sun Belt markets, led by Miami with an increase of 58.0% over March 2020 (see table below).

Additionally, big tech cities represented five of the 10 slowest-growing rental markets from March 2020-2022. Despite these setbacks, many major tech hubs continue to command some of the nation’s highest rents. Even San Jose, where rents remain largely unchanged from March 2020 levels (+0.1%), claimed the country’s highest median rent ($3,075). Still, March rental data signals some final opportunities for renters to find savings in major metros like San Francisco, where rents for studios (-13.0%) and one-beds (-3.3%) declined over March 2020.

“With booming employment and the growing back-to-office wave stoking demand, big rents are back in big tech cities. Still, our March data suggests select tech hubs like San Francisco might still offer bargains on studios relative to pre-COVID rents. And for some, such as Gen Zers striking out on their own, even small rental savings could make a large difference,” said George Ratiu, Realtor.com® Senior Economist & Manager of Economic Research. “Regardless of your stage of life, with rising prices taking a bigger bite out of paychecks, it’s important to stay focused on financial health by keeping rental costs to a smaller percentage of your take-home pay. A tool like the Realtor.com® Rental App can help you customize your search and get alerts about newly-listed rentals in your budget.” 

March 2022 Rental Metrics – Top Markets by Biggest & Smallest Rent Gains Over March 2020

Biggest-Growth Markets, March 2020-2022Smallest-Growth Markets, March 2020-2022
RankMetroAverage 2-yr
Rent Change		Median rent,
March 2022		RankMetroAverage 2-yr
Rent Change		Median rent,
March 2022
1Miami, Fla.58.0%$2,9881Buffalo, N.Y.-2.3%$1,293
2Riverside, Calif.48.2%$2,6872San Jose, Calif.*0.1%$3,075
3Tampa, Fla.45.8%$2,1143San Francisco, Calif.*0.3%$2,982
4Memphis, Tenn.41.4%$1,4034Minneapolis, Minn.3.9%$1,572
5Orlando, Fla.34.7%$1,8865Washington, DC*5.1%$2,093
6Las Vegas, Nev.34.4%$1,6236Seattle, Wash.*6.1%$2,129
7New Orleans, La.33.3%$1,8007Pittsburgh, Pa.6.3%$1,485
8Richmond, Va.30.0%$1,4308Chicago, Ill.*6.7%$1,856
9Jacksonville, Fla.29.2%$1,5809Milwaukee, Wis.8.4%$1,515
10Phoenix, Ariz.29.0%$1,89610Detroit, Mich.8.8%$1,360

*10 largest U.S. tech cities  March 2022 Rental Metrics – 50 Largest U.S. Metros

Metropolitan Statistical AreaOverall
Median
Rent		Overall
Rent
YoY		Studio
Median
Rent		Studio
Rent
YoY		1-br
Median
Rent		1-br
Rent
YoY		2-br
Median
Rent		2-br
Rent
YoY
Atlanta-Sandy Springs-Roswell, Ga.$1,82218.8%$1,66718.3%$1,68818.9%$2,02518.7%
Austin-Round Rock, Texas$1,77725.9%$1,44725.5%$1,64027.6%$1,92420.9%
Baltimore-Columbia-Towson, Md.$1,76810.5%$1,46715.9%$1,70713.6%$1,87510.1%
Birmingham-Hoover, Ala.$1,1958.4%$9823.0%$1,1176.8%$1,2656.9%
Boston-Cambridge-Newton, Mass.-N.H.$2,75721.9%$2,35027.0%$2,56619.5%$3,03421.4%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$1,2939.5%$1,12533.5%$1,1698.7%$1,4188.3%
Charlotte-Concord-Gastonia, N.C.-S.C.$1,64719.9%$1,50920.0%$1,54720.3%$1,80516.9%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$1,85611.3%$1,42910.3%$1,85012.8%$2,0836.8%
Cincinnati, Ohio-Ky.-Ind.$1,3957.7%$1,13911.9%$1,3377.4%$1,5505.9%
Cleveland-Elyria, Ohio$1,3836.6%$9694.8%$1,3196.1%$1,5009.6%
Columbus, Ohio$1,25410.8%$1,0525.7%$1,17811.6%$1,3588.6%
Dallas-Fort Worth-Arlington, Texas$1,62921.2%$1,35718.8%$1,48822.6%$1,92021.7%
Denver-Aurora-Lakewood, Colo.$1,93815.2%$1,60115.1%$1,81315.5%$2,27416.0%
Detroit-Warren-Dearborn, Mich.$1,3600.7%$1,0742.3%$1,1403.8%$1,5001.7%
Hartford-West Hartford-East Hartford, Conn.$1,6258.7%$1,51233.8%$1,4635.1%$1,92314.1%
Houston-The Woodlands-Sugar Land, Texas$1,43014.4%$1,33312.1%$1,30115.1%$1,60114.3%
Indianapolis-Carmel-Anderson, Ind.$1,22511.5%$1,04010.2%$1,1249.7%$1,36213.5%
Jacksonville, Fla.$1,58023.2%$1,30919.9%$1,46422.1%$1,74828.0%
Kansas City, Mo.-Kan.$1,22111.0%$1,0177.6%$1,08410.4%$1,42011.6%
Las Vegas-Henderson-Paradise, Nev.$1,62325.1%$1,28013.8%$1,49626.7%$1,74126.0%
Los Angeles-Long Beach-Anaheim, Calif.$3,00020.2%$2,23521.0%$2,73123.2%$3,41017.6%
Louisville/Jefferson County, Ky.-Ind.$1,19813.3%$1,00211.3%$1,13313.5%$1,36310.6%
Memphis, Tenn.-Miss.-Ark.$1,40324.6%$1,23313.7%$1,33024.8%$1,55327.6%
Miami-Fort Lauderdale-West Palm Beach, Fla.$2,98857.2%$2,49950.9%$2,61453.7%$3,41556.1%
Milwaukee-Waukesha-West Allis, Wis.$1,5158.6%$1,2238.7%$1,4199.3%$1,75010.4%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$1,5725.3%$1,2304.5%$1,4815.3%$1,9053.8%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$1,72723.1%$1,70724.0%$1,60421.8%$1,86423.2%
New Orleans-Metairie, La.$1,80015.2%$1,2570.6%$1,5946.3%$2,05314.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$2,75014.6%$2,52526.3%$2,4969.1%$3,05610.9%
Oklahoma City, Okla.$94310.9%$79715.7%$85410.9%$1,0009.1%
Orlando-Kissimmee-Sanford, Fla.$1,88635.0%$1,64527.5%$1,73933.0%$2,12940.9%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$1,7608.3%$1,4067.5%$1,6563.8%$1,9555.7%
Phoenix-Mesa-Scottsdale, Ariz.$1,89623.4%$1,40519.6%$1,65524.5%$2,22418.8%
Pittsburgh, Pa.$1,4857.9%$1,2189.4%$1,44911.0%$1,5951.0%
Portland-Vancouver-Hillsboro, Ore.-Wash.$1,74011.3%$1,41311.9%$1,68510.6%$2,02112.7%
Providence-Warwick, R.I.-Mass.*————————
Raleigh, N.C.$1,59123.1%$1,45222.5%$1,47124.7%$1,75020.7%
Richmond, Va.$1,43018.5%$1,13715.7%$1,30019.5%$1,53816.0%
Riverside-San Bernardino-Ontario, Calif.$2,68713.9%$1,5151.7%$2,15514.9%$3,00016.1%
Rochester, N.Y.$1,33311.4%$98010.7%$1,23813.9%$1,4309.6%
Sacramento–Roseville–Arden-Arcade, Calif.$2,02812.1%$1,89515.6%$1,8738.7%$2,20412.1%
San Antonio-New Braunfels, Texas$1,38922.3%$1,27222.4%$1,26422.7%$1,58322.2%
San Diego-Carlsbad, Calif.$3,01624.8%$2,37620.2%$2,71623.3%$3,37521.5%
San Francisco-Oakland-Hayward, Calif.$2,98211.4%$2,36718.3%$2,75012.6%$3,48311.4%
San Jose-Sunnyvale-Santa Clara, Calif.$3,07517.1%$2,42121.2%$2,84017.2%$3,46517.6%
Seattle-Tacoma-Bellevue, Wash.$2,12917.5%$1,77423.5%$2,09516.5%$2,59917.9%
St. Louis, Mo.-Ill.$1,3109.2%$9952.1%$1,2389.9%$1,4509.6%
Tampa-St. Petersburg-Clearwater, Fla.$2,11431.1%$1,94427.3%$1,87631.4%$2,35829.8%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$1,52415.1%$1,3009.7%$1,44912.6%$1,63413.6%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$2,09313.1%$1,72114.8%$2,00011.9%$2,4409.9%

Methodology

Rental data as of March 2022 for units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. We use communities that reliably report data each month within the top 50 largest metropolitan areas. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. *Providence, RI March 2022 rental data is currently under review. About Realtor.com®

Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
rachel.conner@move.com 

SOURCE Realtor.com

Rent Keeps Rolling Uphill: 19% Rent Increase in the Past Year, According to Dwellsy.com Analysis

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Rent is substantially up across the country for yet another month. Single-family rentals continue to drive overall rent increases while apartment rent increases are far more modest.

Los Altos, CA – April 5, 2022 (PRNewswire) March brought continued substantial rent increases yet again. Key stats, according to Dwellsy’s analysis of 509,911 available rentals:

  • $1,850/mo: Median asking rent in March across the country
  • 1.6%: 1 month growth in rent (vs. $1,820/mo in Feb 2022 – a 21% annualized run rate for the year)
  • 19.4%: 1 year growth in rent vs. $1,550/mo in March 2021
  • 30.5%: Median rent as a share of pre-tax median income

That 19.4% increase translates into $300 more in rent expense for renters each month for the same rental last year, across the full market. 

Major markets (>1M population) with the highest rent increases in the past year are as follows:

RankMetropolitan
Statistical Area		Median Asking Rent,
March 2022		Percentage Increase
vs. March 2021
1Tucson, AZ$1,865+ 139%
2Kansas City, MO-KS$1,880+ 88%
3Austin, TX$2,379+ 69%
4Memphis, TN$1,800+ 68%
5Phoenix, AZ$2,160+ 66%
6Dallas, TX$2,050+ 63%
7Las Vegas, NV$2,070+ 60%
8Orlando, FL$2,295+ 57%
9Tampa/St. Petersburg, FL$2,340+ 56%
10Jacksonville, FL$2,060+ 53%

“Most of these markets share a common theme: lots of single-family rental homes and lower cost of living vs. cities like San Francisco and New York,” said Jonas Bordo, CEO and Co-Founder of Dwellsy.

“Over the past two years, single-family rentals have been by far the most in-demand property type as renters look for more space, seek COVID-safe home entry/exit (no elevators!), and trade into markets with lower costs of living,” said Bordo. 

In March, single-family rentals continued to bear the brunt of rent increases.  Over the past year, single-family rent has risen 36% from $1,600 in March of 2021 to $2,175 in March of 2022, while apartment rents have risen just 3.6%. 

For more, please visit the Dwellsy data page, our comprehensive ranking of rental markets, or our single-family rentals city ranking.

About Dwellsy

Dwellsy is the marketplace that renters want and deserve, a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free eco-system creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 12 million residential rental home listings, more than any legacy classifieds site—as well as the most diverse set of listings—including single-family rentals, condos, townhouses, and apartments at all price points.

SOURCE Dwellsy.com