December 7, 2021
2 Minute Read
Particularly relevant to real estate professionals in 2021 is a super-charged rental market in many parts of the nation. The year didn’t start that way. Rent prices slumped early in 2021 as many renters decamped to more affordable locations to work remotely during the pandemic. But by summer, rents rebounded as those renters returned to cities, with rents increasing an average of 15% YOY nationwide.
As the year comes to a close, affordability has been a key consideration for renters. Can renters pay higher rents and still save enough money to buy a house when they hit their mid-30s? How will the desire for affordability affect market demand? In what ways are landlords and property managers at risk in this market, and what can they do about it?
Zillow’s annual Consumer Housing Trends Report gives landlords, property managers and marketing managers a look at what has changed, delves into renters’ mindsets, probes their financial stressors, and reveals key factors that affect tenant decisions about where they live.
Building relationships with tenants and understanding their needs and concerns will help landlords and property managers keep occupancy rates high. Download the report to get tips on how to provide renters what they’re looking for.
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