The rental market has seen wild swings since 2019. Those swings have affected both renters and multifamily professionals. Between the start of the pandemic and January 2024, rental prices surged nearly 30% nationally. Nearly two-thirds of this increase happened in 2021 alone. 

Many renters haven’t seen an equal thrust in wages. Since 2019, rents have grown 1.5 times faster than wages, according to an analysis by Zillow and StreetEasy. A renter now needs to make nearly $80k to comfortably afford the typical rent, which is around $2,000. 

But prices aren’t the only rental housing indicator to surge in the last few years. A swift rise in multifamily construction has added supply nationally, introducing new competition to many markets. As of April, rent concessions are up from a year ago in 42 of the 50 largest metro areas, and up 6.3 percentage points nationally. 

As more pressure builds on multifamily professionals, considering the renter journey can provide insights into the emotional states of leads as they search for housing. Zillow research has shown that most renters follow these six steps as they transition from one living situation to their next rental.

But given current economic conditions, renter timeframes in 2024 are often compressed. The result is a rapid progression through the steps in the journey, and for many it’s a complex and unstable time. Emotions — both positive and negative — run high.

Renters express an increasing desire for convenience. Advantages like detailed, media-rich listings, virtual tours, and instant tour-booking reduce friction between leads and signed leases. Let’s take a closer look at each phase of the typical renter journey.