Between March and July 2024, Zillow surveyed over 36,000 renters to learn more about the market. Our annual Consumer Housing Trends Report gives landlords, property managers, and marketing managers a look at the year’s biggest findings around renter budgets, costs, affordability, home and neighborhood preferences, and renter decision-making.

A few highlights from this year’s report include:

Renters are more likely to consider budget than any other rental factor

Much like last year, renters are focused on budget. Ninety-five percent of renters said staying within their budget was essential, higher than any other rental characteristic we asked about. Price was also the number one reason renters cited for renewing a lease.

Lower rates could turn renters into buyers 

Despite a decrease in renters who indicated that purchasing was on their mind in 2024, the year ahead is expected to bring some relief to affordability challenges for homebuyers. This year, 58% of recent renters (renters who moved within the last year) reported that they at least thought about buying. That’s down from a peak of 66% in 2022 but may rebound if affordability challenges soften.

Recent renters who considering buying, by generation:

According to Zillow analysis of U.S. Census Bureau data, the median age of a renter has risen steadily but slowly, from 36 in 2000 to 40 in 2023. Then, from 2023 to 2024, it jumped two years to 42 — another reflection of persistent homeownership affordability challenges.

But in September, the Fed began what many hope will be a continued easing cycle, lowering the benchmark federal funds rate 50 basis points. Mortgage rates had already dropped in anticipation of the move, and homeownership may now be within the grasp of more renters. Further easing from the Fed could eventually bring rates down even more. 

Renters want more transparency in listings

A full 94% of renters agree that listings should clearly list all fees, and 90% think they should be able to opt out of fees for services they do not use. Additionally, 77% said that rental fees should be included in the total rent rather than charged separately. What’s more, many prospects may pass over options that don’t give a clear picture of costs and terms upfront.

Download the report now to get tips on how to provide for your renters and prospects.