Zillow Rentals Consumer Housing Trends Report 2020

Without question, it was a complicated and volatile year for the rental market. Zillow’s annual trends report takes a close look at renters’ mindsets, sheds light on the key changes and challenges that continue to influence tenant behavior, and includes data on renters’ response to the coronavirus pandemic.

Highlights from this year’s report:

• 49% of all current and prospective renters who were employed at the start of the COVID-19 pandemic experienced a negative employment shock of some kind.
• 55% of renters said they suspended plans to rent a new home in the wake of the pandemic — 82% of those with paused plans said they would resume their search when the crisis passed.
• 69% of renters said they prefer to continue no-contact interactions with real-estate professionals even in the post-pandemic world.
• 55% of renters surveyed agree somewhat or completely that 3D tours would help them get a better feel for a space over static photos — 46% agree they wish more listings had 3D tours available.
• 57% of single-family home renters are under age 41 — a few years past the median age of 37 for first-time homebuyers.

For landlords and property managers, the path forward is all about strengthening relationships and listening to renters' needs as we set a course for recovery and a prosperous future.