Renters: Results from the Zillow Consumer Housing Trends Report 2025

Renters: Results from the Zillow Consumer Housing Trends Report 2025

Written by on October 27, 2025

Survey Methodology

 

Research Approach

To gain a comprehensive understanding of US renters, Zillow Group Population Science conducted six nationally representative surveys – each sampling at least 6,500 renter-respondents. In total, the surveys contain information from over 24,400 unique renters – more than 5,700 recent renters and 18,600 tenured renters. Participants were allowed to take more than one survey. The study was fielded between March and July 2025. 

For the purpose of this study, “renters” refers to household decision makers 18 years of age or older who rent their primary residence. “Recent renters” refer to those that moved in the past year, and “tenured renters” refer to those who did not move in the past year.

Sampling & Weighting

Results from this survey are nationally representative of renter households. US adult decision makers who live in a rented home were identified from online nonprobability samples. To achieve representativeness, we used a combination of quota sampling and statistical raking using benchmarks estimated from the 2023 American Community Survey (ACS) and the 2024 Current Population Survey Annual and Economic Supplement (CPS ASEC). 

Quality Control

To reduce response bias, survey respondents did not know that Zillow Group was conducting the survey. Several additional quality control measures were also taken to ensure data accuracy: 

  • We identified and terminated any professional respondents, robots or those taking the survey on multiple devices. 
  • Completion times were recorded to ensure that surveys submitted by the fastest respondents, who may have rushed through the survey, did not provide poor quality data. If necessary, these respondents were removed from the sample. 
  • In-survey quality control checks identified illogical or unrealistic responses. 

Additional Data Sources

Unless otherwise specified, estimates in this report come from the Consumer Housing Trends Report (CHTR) 2025, and year-over-year comparisons also use data from CHTR 2018, CHTR 2019 CHTR 2020, CHTR 2021, CHTR 2022, CHTR 2023, CHTR 2024, and supplemental renter surveys. To provide a fuller picture of the state of home rentals and renters’ characteristics, preferences and behaviors, we also analyzed data from other sources:

  • US Census Bureau, 2023 American Community Survey - To best capture renter heterogeneity, Zillow Population Science used ACS 2023 as the most recently available reliable dataset from the U. Census Bureau. The ACS is the nation’s largest survey and is widely considered one of the leading sources of information on US population and housing.
  • US Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement - The CPS ASEC offers the most recent demographic estimates on renters. 

New in 2025

 

Negotiating for Rental Concessions & Perks

  • 58% of recent renters said the concession(s) were advertised or offered upfront
  • 25% of recent renters successfully negotiated for the concession(s) themselves
  • 17% selected both - their landlord advertised at least one and they negotiated for another

Which concessions renters consider the “best”

  • Reduced rent (27%): This is the top concession, with over a quarter of recent renters identifying it as the best.
  • First month rent free (17%): This is the second most preferred concession.
  • Something else (16%): This indicates a notable portion of renters value a concession not specifically listed in the other categories.
  • More than first month rent free (15%): This is also highly valued, coming in just behind "Something else."
  • Free/discounted access to paid property amenities (laundry, internet, etc...) (8%): This concession is less popular than rent-related concessions.
  • Reduced security deposit (8%): This ties with free/discounted amenities, indicating a moderate preference.
  • Parking (6%): This is a less prioritized concession compared to financial incentives.
  • Gift card (2%): A small percentage of renters consider a gift card the best concession.
  • Broker's fee paid (1%): This is the least preferred concession among those listed.
Recent renters best concessionTop 1Among top 2
Reduced rent27%46%
First month rent free17%34%
More than first month rent free15%29%
Free/discounted access to paid property amenities (laundry, internet, etc...)8%22%
Reduced security deposit8%21%
Parking6%17%
Gift card2%4%
Broker's fee paid1%4%
Something else16%22%

Exterior drone photography, virtual staging, interactive 3D common area tours

The features we asked about and their essential percentages are:

  • Drone capture of the exterior: 13% of recent renters consider this essential.
  • Virtual staging to visualize the home with different furniture (i.e., augmented reality): 33% of recent renters consider this essential.
  • Interactive 3D tours of common areas (e.g., fitness center, resident lounge, etc.): 29% of recent renters consider this essential.
  • 57% of recent renters consider at least one of the listed digital media features essential.

 

% of Recent Renters that consider each 'essential' when deciding which home to rent
Drone capture of the exterior13%
Virtual staging to visualize the home with different furniture (i.e. augmented reality)33%
Interactive 3D tours of common areas (e.g. fitness center, resident lounge, etc)29%
None of the above43%
Net: Any57%

 

Parents, family are the most common lease cosigners/guarantors

Parents and other family members are the most common cosigners, while the majority of renters (72% of recent movers and 75% overall) do not have a cosigner on their lease.

Lease CosignersRecent RentersTenured RentersAll Renters
My parents cosigned or were guarantors on my lease9%9%9%
Another family member cosigned or was a guarantor on my lease8%7%7%
A friend or colleague cosigned or was a guarantor on my lease2%3%2%
A roommate cosigned or was a guarantor on my lease7%4%4%
Someone else not listed above cosigned or was a guarantor on my lease3%2%3%
No one cosigned or was a guarantor on my lease72%76%75%
Net: Any Cosigner28%24%25%

 

Pet fees & amount

31% of recent renters reported paying a pet fee or pet rent (49% among those with a pet – 51% for dog owners and 45% for cats), as do 24% of renters overall (39% of those with a pet – 41% with dogs and 37% with cats).

Among recent renters that pay any pet fee/pet rent:

Pet Fee/Pet Rent AmountTotal RentersRecentTenured
$1 to $197%4%8%
$20 to $3928%25%29%
$40 to $5936%45%33%
$60 to $9912%14%12%
$100 or more17%12%18%

 

Most renters get the number of bedrooms they were looking for

Share of recent renters that initially hoped to rent a home with (select-all-that-apply or none at all, may not sum to 100%):

  • 0 bedrooms: 5%
  • 1: 22%
  • 2: 44%
  • 3: 26%
  • 4: 7%
  • 5 or more: 2%

Ultimately rented:

  • 0 bedrooms: 6%
  • 1: 21%
  • 2: 39%
  • 3: 24%
  • 4: 7%
  • 5 or more: 3%

Most recent renters end up renting a home with the number of bedrooms they initially hoped for, especially for 2-bedroom (73%) units.

Initially hoped to rent
Recent renters0 beds - Studio12345+
Actually Rented0 bedrooms - Studio69%13%2%1%0%0%
1 bedroom14%69%11%3%1%0%
2 bedrooms6%10%73%21%7%1%
3 bedrooms5%4%11%66%28%13%
4 bedrooms2%2%2%8%58%17%
5 or more bedrooms4%2%1%1%6%69%

 

The Typical Renter & Rental

In this section, we provide a high-level overview of renters and what their homes look like. According to the Census Bureau 2023 American Community Survey, 35% of households live in rented homes. About a fifth of those rental households (22%) moved in the past year. 

The demographic estimates in this section for “renters” and “renter households” represent the rental household decision makers (head of household, their spouse/partner, and roommates). In cases where a household has multiple decision makers, the demographic characteristics are representative of an average or midpoint of all decision makers in the rental household.

 

Age 

The median age of a renter is 41 years old and about half of renters are under the age of 40; only 9% of renters are in their seventies or older, and 13% are in their sixties. In other words, the age distribution of renters trends younger than the overall US population. Renters who did not move in the last year trend older than those who did move. The median age for a tenured renter is 43 years old -- a decade older than the typical renter who moved (33 years old)

Age GroupRecent RentersAll Renters (including those that did not move)Household Decision MakersUS
n
Adults
Ages 18-2941%24%11%20%
Ages 30-3924%23%18%18%
Ages 40-4915%18%17%16%
Ages 50-599%12%17%16%
Ages 60-698%13%18%16%
Ages 70+4%9%20%15%

Note: Household decision maker and US adult estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement

GenerationRecent RentersAll 
n
Renters
Household Decision MakersUS
n
Adults
Gen Z (18-30)44%26%11%20%
Millennial (31-45)32%33%26%26%
Gen X (46-60)14%20%25%23%
Baby Boomer (61-80)9%20%31%26%
Silent Generation (81+)1%1%7%5%

Note: Household decision maker and US adult estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement

 

Race & Ethnicity

About half of renters are non-Hispanic white or Caucasian (49%), smaller than the share of the overall adult population that is white (60%). At the same time, 12% of adults identify as non-Hispanic Black or African American, while 19% of renters are Black.

Race/ EthnicityRecent RentersAll 
n
Renters
Household Decision MakersUS
n
Adults
White or Caucasian52%49%63%60%
Black or African American16%19%12%12%
Hispanic19%21%15%18%
Asian or Pacific Islander7%6%6%6%
Other race6%5%4%5%

Note: Household decision maker and US adult estimates from Census Bureau, 2023 American Community Survey

 

Region

The largest share of renters live in the South (37%), followed by the West (25%), Midwest (19%) and Northeast (19%).

RegionRecent RentersAll 
n
Renters
Household
n
Decision Makers
US
n
Adults
South42%37%39%39%
West25%25%22%24%
Midwest21%19%21%20%
Northeast12%19%17%17%

Note: Household decision maker and US adult estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement


n
Gender Identity & Sexual Orientation

Approximately 12% of renters identify as LGBTQ+ in 2025

 

Recent renters are more likely to identify as LGBTQ+ (15%) than tenured renters (12%) or renters as a whole (12%). 

Younger renters are more likely to self-identify as LGBTQ+: The median age of an LGBTQ+ renter is 34 versus 42 for cisgender heterosexual renters. Renters trending younger than the overall US adult population may help explain why renters are also more likely to identify as LGBTQ+.

Income

Renters tend to have lower incomes than the population overall. The annual median income among renter households is about $54,000, compared to the approximate national median of $80,000. 

 

Household IncomeRecent Renter HouseholdsAll Renter HouseholdsAll US
n
Households
Less than $25k22%25%14%
$25,000 to $49,99924%25%17%
$50,000 - $74,99919%18%16%
$75,000 - $99,99912%12%12%
$100,000 to $199,99917%16%26%
$200k and above5%4%14%

Source: All US household estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement

 

Education

Renters as a whole tend to have a lower level of education to the overall adult population: Only 32% of renters have at least a four-year degree, lower than 35% of overall adults. Recent renters, however, are similarly likely to the overall adult population to have at least a four-year degree (38%).

 

EducationRecent RentersAll  RentersHousehold
n
Decision Makers
US Adults
High School Diploma or Less36%42%34%38%
Some College26%27%27%26%
Four-year College Degree26%21%24%22%
Postgraduate12%10%15%13%

Source: Household decision maker and US adult estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement

 

Relationship Status

Skewing younger than the adult population, renter households are less likely to be married or partnered. The largest share (41%) are single and never married, versus 25% of adults overall. This difference in relationship status may provide a partial explanation for the lower household income of renters compared with the overall population.

 

Relationship StatusRecent RentersAll  RentersHousehold
n
Decision Makers
US Adults
Never Married37%41%20%25%
Married38%30%56%60%
Divorced, Separated, or Widowed25%29%24%16%

Source: Household decision maker and US adult estimates from Census Bureau, 2024 Current Population Survey Annual Social and Economic Supplement

 

Household Composition

Renter households are more likely to report having at least one pet (59%) or plant (46%) than a child (37%).

In HouseholdRecent Renter HouseholdsTenured Renter HouseholdsAll Renter HouseholdsAll Households
Children under 1835%37%37%36%
Plant44%47%46%-
Dog40%40%40%38%
Cat30%32%31%22%
Another pet9%10%10%10%
NET: Any pet58%59%59%50%

 

Home Type, Beds, Baths, and Size

Apartments of various sizes are what most renters call home: 56% of renters report living in an apartment building. About one in four renters (23%) say they rent in a smaller-size apartment or condo building (fewer than 25 units). About one in eight (12%) said they live in a medium-size building (25-49 units), and 21% said they live in a larger multifamily building (50 units or more). In other words, about 32% of renters live in a multifamily building with at least 25 units. About 27% live in a single-family detached house.

 

Home TypeShare of Renters
Apartment in a smaller size building (fewer than 25 units)23%
Apartment in a medium size building (25-49 units)13%
Apartment in a larger size building (50 units or more)19%
Single-family detached house28%
Townhouse / rowhouse8%
Duplex / triplex6%
Manufactured / mobile home3%
Room in shared housing<1%
Boat, RV, van, etc.<1%

The typical (median) renter lives in a 2-bed, 1-bath apartment between 1,000 and 1,499 square feet.

SizeShare of Renters
Less than 700 square feet14%
700 - 999 square feet28%
1,000 - 1,499 square feet30%
1,500 - 1,999 square feet17%
2,000 - 2,499 square feet7%
2,500 square feet or more3%

 

Previous Residence

Most recent renters moved from a previous rental (68%). Living with a friend or family member (16%) is more common for younger recent renters. For example, about one in four (24%) recent renters under age 30 reported moving from a home that a friend or family member rented or owned. Conversely, moving from a home they owned is more common for older recent renters; about a quarter (23%) of recent renters age 70 and older reported moving from a home they owned, versus 8% for recent renters overall. A small 2% said they moved from group living quarters (e.g. dormitory, military barracks, nursing home, etc.), and the remaining 7% reported another type of living situation.

 

Recent renter previous primary residence20182019202020212022202320242025
Owned10%9%9%11%7%8%8%8%
Rented70%73%73%63%67%67%66%68%
Lived with friend/family14%13%13%18%18%17%18%16%
Group quarters2%1%1%2%2%2%2%2%
Another living situation4%4%3%5%6%6%7%7%

 

Previous Home Type

Among recent renters that moved from a previous rental:

Moved from (previous residence)
<25 Unit Building25-49 Unit Building50+ Unit BuildingSingle Family Detached HouseOther
Moved to

n

(current residence)

<25 Unit Building53%17%6%11%12%
25-49 Unit Building10%43%9%8%11%
50+ Unit Building13%13%62%19%13%
Single Family Detached House15%12%18%50%20%
Other9%14%6%13%45%

Upfront Costs

 

Applications & application fees

The typical (median) recent renter submitted two applications. The median application fee for recent renters overall was $50. Among those that reported paying any application fee, the median amount was $75.

 

Since at least 2018, the share of renters that reported submitting an application in-person/on paper has fallen. Over the same period, online applications became more common.

Recent renters20182019202020212022202320242025
Online application51%54%63%67%69%75%74%77%
In-person/paper application71%69%67%62%62%61%56%51%

 

A $50 median application fee is the same as previous years. However, the share that reported paying an application fee peaked in 2023 at 84% – falling to 79% in 2024 and 73% in 2025. 

 

Across racial groups, paying an application fee is more common than not, but renters of color are more likely to report paying one: Larger shares of Black (84%),   Asian American/Pacific Islander (80%), and Hispanic (78%) recent renters reported paying an application fee than white recent renters (67%). 

 

Black and Hispanic renters were also about twice as likely as their non-hispanic white counterparts to report submitting 5 applications or more (19% of Black and 16% of Hispanic recent renters reported submitting 5 or more, compared to 8% of white renters). 

 

Recent renters of color also reported paying higher total amounts in application fees: The typical white renter reported paying $50 in application fees across all the rentals they applied for, while the typical Black ($70), Latinx ($100), and Asian ($95) recent renters all reported spending higher amounts. 

 

Recent Renters that Submitted20182019202020212022202320242025
0 applications14%13%12%14%11%13%14%20%
1 application36%38%31%25%32%21%25%23%
2+ applications50%50%56%61%57%66%62%57%

 

Renters in large multifamily buildings (those with 50 units or more) were most likely to report submitting at least one application: 93% do, compared with 66% of those in single-family detached houses and 76% of those renting other home types. 

Security deposits

For renters who paid one, the typical security deposit reported in 2025 was $795.

The oldest generations of recent renters are the most likely to avoid paying a deposit entirely: 79% of Gen X and Baby Boomer & SIlent Generation renters reported paying a security deposit -- lower than 83% of Gen Z and 86% of Millennial recent renters.

GenerationShare that Paid a Security Deposit
Recent Renters83%
Gen Z (Ages 18-30)83%
Millennial (Ages 31-45)86%
Gen X (Ages 46-60)79%
Baby Boomers & Silent Generation (Ages 61+)79%

 

Age GroupShare that Paid a Security Deposit
Recent Renters83%
Ages 18-2983%
Ages 30-3986%
Ages 40-4985%
Ages 50-5977%
Ages 60+80%

Renters of color are more likely to report paying a security deposit: 87% do, compared to 84% of white renters. Latinx and Asian American/Pacific Islander renters are more likely to pay a more expensive deposit: 39% of Latinx and 43% of AAPI renters paid at least $500 for their deposit, and 22% of Latinx and 30% of AAPI renters paid at least $1,000.

Race/ EthnicityPaid Any Security DepositDeposit of At Least $500Deposit of At Least $1,000
Total Renters83%37%21%
White81%32%18%
Black86%35%19%
Hispanic83%45%26%
AAPI85%50%37%
Net: Nonwhite84%41%24%

Regardless of the type of home rented, paying a deposit is the norm: 83% of recent renters reported paying one – closely matching 83% of renters overall. 

Type of Home RentedMedian Security DepositMedian Among Renters Who Paid OneAverage Security DepositAverage Among Renters Who Paid One
Recent Renters$795$800$1,324$1,603
Multifamily (50+ units)$500$1,000$973$1,150
Single-family detached$750$1,200$2,300$3,018
Other$800$950$976$1,150

 

Type of Home RentedPaid Any Security DepositPaid At Least $500Paid At Least $1,000
Recent Renters83%35%20%
Multifamily (50+ units)87%31%19%
Single-family detached78%43%26%
Other85%32%18%

 

First & last month’s rent

About three quarters of renters (73%) said that paying their first month’s rent was required to secure their rental. However, only a quarter (24%) said they had to pay their last month’s rent to secure their rental. 

Requiring last month’s rent, however, was disproportionately common for AAPI and Hispanic recent renters, and less common for Black and White renters.

Required to secure rental
Race/ EthnicityFirst month’s rentLast month’s rent
Recent Renters73%24%
White70%21%
Black66%19%
Hispanic79%33%
AAPI76%32%
Net: Nonwhite75%28%

 

Rental Fees

Renters of color, younger renters are more likely to pay added rental fees

Renters of color, particularly AAPI and Hispanic renters, are more likely to report paying at least one recurring fee compared to White renters. There's also a general upward trend in the reported frequency of paying recurring fees from 2024 to 2025.

 

Report paying 1+ recurring feeTotal RentersWhiteBlackHispanicAAPINonwhite
2025 - Including pet fee65%63%64%66%74%67%
2025 - Excluding pet fee60%58%61%60%72%63%
2024 - Excluding pet fee58%54%60%63%63%61%
  • Younger Renters Pay More Fees (2025 - Including pet fees):
    • The youngest age group, 18-29 (82%), is the most likely to report paying at least one recurring fee.
    • This percentage gradually decreases with age: 30-39 (76%), 40-49 (64%), 50-59 (56%), and finally, Age 60+ (42%) are the least likely to pay recurring fees. This indicates a clear inverse relationship between age and the likelihood of paying recurring fees.
  • Year-over-Year Comparison (2024 vs. 2025 - Excluding pet fees):
    • For Total Renters, there was a slight increase in reporting fees from 58% in 2024 to 60% in 2025.
    • 18-29: There was a significant increase in this age group reporting fees, from 58% in 2024 to 78% in 2025, suggesting a sharp rise in fees for the youngest renters.
    • 30-39: This group saw a decrease, from 74% in 2024 to 72% in 2025.
    • 40-49: This group also saw a decrease, from 67% in 2024 to 58% in 2025.
    • 50-59: This group experienced a decrease, from 59% in 2024 to 49% in 2025.
    • Age 60+: This group also saw a decrease, from 48% in 2024 to 39% in 2025.

 

Report paying 1+ recurring feeTotal Renters18-2930-3940-4950-59Age 60+
2025 - Including pet fee65%82%76%64%56%42%
2025 - Excluding pet fee60%78%72%58%49%39%
2024 - Excluding pet fee58%58%74%67%59%48%

 

Specific fees and which are mandatory

 

Recent renters pay20242025
Pet fee/pet rentn

-

n
31%
Valet trash23%13%
Utility fee52%55%
Amenity fee22%24%
Internet fee26%29%
Payment processing fee37%33%
At least 1 - Excl pet fee70%74%
At least 1 - Incl pet feen

-

n
77%

 

Total renters pay20242025
Pet fee/pet rentn

-

n
24%
Valet trash18%12%
Utility fee41%44%
Amenity fee16%18%
Internet fee20%25%
Payment processing fee27%26%
At least 1 - Excl pet fee58%60%
At least 1 - Incl pet feen

-

n
65%

Renters prefer transparent disclosure of fees near-unanimously

Nearly all renters (94%) agree that rental listings should clearly list all fees. About nine in ten (90%) think that renters should be able to opt out of fees for services they do not use. And 76% said that rental fees should be included in the total rent, rather than charged separately.

Resources Renters Use When Shopping & Searching

 

More recent renters search on mobile devices

The share of recent renters who say they searched on a mobile website increased in 2025: (81% in 2025, 75% in 2024, 74% in 2023 & 2022, and 2021, up from 65% in 2020) and/or on a mobile app (73% in 2025, 64% in 2024, 63% in 2023, 60% in 2022 & 2021, up from 51% in 2020).

 

Online resources recent renters used when searching2019202020212022202320242025
Website on a laptop / desktop computer70%72%73%67%68%68%66%
Mobile website on a smartphone / tablet64%65%74%74%74%75%81%
App on a smartphone / tablet46%51%60%60%63%64%73%

 

The typical web surfing recent renter uses 5 sites/apps in their search

  • Decrease in 0 sites/apps: The percentage of recent renters using 0 sites/apps has generally decreased, from 16% in 2019 to 5% in 2025, indicating that fewer renters are abstaining from online searches.
Number of sites/apps recent renters used when searching2019202020212022202320242025
0 sites/apps16%13%11%10%9%11%5%
1-4 sites/apps26%25%28%39%35%37%33%
5-9 sites/apps34%36%37%34%34%35%35%
10+24%26%23%16%22%16%27%
Median number of sites/apps used5665555
Average6.266.26.45.56.15.54.8

What Attracts Renters to a Listing, Keeps Them

 

Digital media “essentials” when deciding where to rent

About four in five renters (79%) said that one or more digital features was “essential” when deciding which home to rent. Half (50%) considered seeing pictures essential. Seeing a floor plan (40%) followed. Renters were less likely to say the same about taking a 3D/virtual tour of the rental home (27%) and watching a recorded video tour of the home (22%).

 

Total Renters20242025
Taking a 3D/Virtual tour of the rental home25%27%
Watching a recorded video tour of the home20%22%
Seeing a floor plan of the home49%40%
Viewing pictures of the home56%50%
Net: At least one of the above is essential79%79%

 

Recent Renters20242025
Taking a 3D/Virtual tour of the rental home27%30%
Watching a recorded video tour of the home23%25%
Seeing a floor plan of the home55%47%
Viewing pictures of the home61%55%
Net: At least one of the above is essential87%86%

 

Recent RentersTotalSFMF (50+ unit building)Any apartment
Taking a 3D/Virtual tour of the rental home30%29%38%33%
Watching a recorded video tour of the home25%21%31%28%
Seeing a floor plan of the home47%36%62%50%
Viewing pictures of the home55%57%56%52%
Net: At least one of the above is essential86%81%91%88%

 

Lease terms and tours among top rental decision essentials 

About three in five recent renters (59%) said that seeing lease terms, rent amount and fees were essential. And 55% said the same about taking a private tour. Recent renters were more split about meeting or speaking with the landlord or property manager (47%) and about a third (37%) said that seeing reviews of the property manager / landlord was essential.

Renters who stayed put credit a good deal, quiet neighbors

When asked what encouraged them to stay at their current rental, tenured renters were most likely to say that their rental costs were a good deal (75%), followed by quiet neighbors (71%) and not being able to afford to move somewhere else (69%). 

Tenured renters - Reason for staying at current rental
My rental costs are a good deal75%
Neighbors are quiet, little to no noise from other tenants71%
I cannot afford to move somewhere else69%
Rental property is well maintained68%
I like my landlord or property manager65%
Floor plan / layout fits my preferences65%
Allows pets62%
Private outdoor space (e.g. yard, garden)56%
My rental's common amenities (e.g. gym, conference room, pet washing station, rooftop, etc)41%

 

Most tenured renters say the rent’s gone up

Less than half of tenured renters said that their rent has stayed the same (41%) or decreased (3%) over the past two years. For the majority that reported an increase (57%), those that stayed put experienced a median rent increase of $130 – about a 12% increase. 

Younger tenured renters and those renting single-family detached houses typically reported higher percent rent increases:

  • Single-family: 17% median increase
  • Multifamily: 9%
  • Other: 11%
  • Ages 18-29: 17%
  • 30s: 17%
  • 40s: 14%
  • 50s: 11%
  • 60+: 11%

 

Coshopping

Most report at least one co-shopper during their rental search

Most recent renters (77%) said they considered a spouse, partner, roommate, friend, relative/family member, their children, and/or someone else as a co-shopper while they searched for a rental.

Younger renters (81% of recent renters under 30, 79% of renters in their 30s), higher income renters (87% of recent renters with a household income of at least $100,000), and single-family renters (84%) were all more likely to report at least one co-shopper.

Coshopped withRecent RentersSingle- family detached house Multifamily (in 50+ unit building)Another type of home
Spouse/partner44%50%43%42%
Roommates10%8%9%12%
Friends9%7%11%9%
Relatives/family members14%17%14%13%
My children17%20%19%15%
Someone else not listed above2%1%2%2%
None of the above - I did not co-shop with anyone23%16%24%26%
Net: Any co-shopper77%84%76%74%

Essential Rental Characteristics

 

Almost all consider staying within budget “essential”

A near-unanimous share of renters (93%) said they consider staying within their initial budget as “essential” – higher than any other characteristic we asked about. Preferred neighborhood/location (81%), preferred number of bedrooms (81%), bathrooms (69%), and floor plan/layout (66%) all trailed. Most also said that broadband internet was essential (64%), while closer to half (56%) said the same about gigabit internet speeds. A smaller share (47%) said that having 2 or more internet providers to choose from was essential. 

Consider each “essential” when deciding whether to rent a propertyTotal RentersSingle- family detached house Multifamily (in 50+ unit building)Another type of home
Within my initial budget93%95%93%93%
Preferred neighborhood and/or location81%81%84%79%
Preferred number of bedrooms81%84%79%83%
Preferred number of bathrooms69%73%70%68%
Floor plan / layout that fits my preferences66%65%70%64%
Allows pets65%73%61%70%
Broadband internet64%62%68%62%
Gigabit internet56%56%56%59%
2 or more internet providers to choose from47%47%46%47%
Home is newly built or recently renovated43%37%46%43%
Common building amenities (e.g. gym, business center, rooftop, lounge, etc)39%35%49%35%

 

Total Renters - Consider each “essential” when deciding whether to rent a property202320242025
Within my initial budget94%95%93%
Preferred neighborhood and/or location83%83%81%
Preferred number of bedrooms84%82%81%
Preferred number of bathrooms67%65%69%
Floor plan / layout that fits my preferences68%67%66%
Allows petsn
    n
  • n
n
60%65%
Broadband internet63%63%64%
Gigabit internet52%51%56%
2 or more internet providers to choose from44%43%47%
Home is newly built or recently renovated41%38%43%
Common building amenities (e.g. gym, business center, rooftop, lounge, etc)35%33%39%

 

Recent Renters - Consider each “essential” when deciding whether to rent a property202320242025
Within my initial budget94%94%93%
Preferred neighborhood and/or location80%83%82%
Preferred number of bedrooms84%82%81%
Preferred number of bathrooms69%66%69%
Floor plan / layout that fits my preferences70%66%67%
Allows petsn
    n
  • n
n
62%67%
Broadband internet61%61%62%
Gigabit internet54%53%59%
2 or more internet providers to choose from43%38%46%
Home is newly built or recently renovated45%39%44%
Common building amenities (e.g. gym, business center, rooftop, lounge, etc)39%37%44%

 

Consider each “essential” when deciding whether to rent a propertyRecent RentersSingle- family detached house Multifamily (in 50+ unit building)Another type of home
Within my initial budget93%94%95%96%
Preferred neighborhood and/or location82%80%84%85%
Preferred number of bedrooms81%83%81%85%
Preferred number of bathrooms69%72%71%69%
Floor plan / layout that fits my preferences67%74%60%71%
Allows pets67%69%73%60%
Broadband internet62%66%63%64%
Gigabit internet59%62%55%62%
2 or more internet providers to choose from46%47%41%53%
Home is newly built or recently renovated44%36%54%42%
Common building amenities (e.g. gym, business center, rooftop, lounge, etc)44%39%45%48%

 

Location & neighborhood characteristics

Recent renters were most likely to place high importance on their commute (57%) and neighborhood walkability (55%).

Share of Recent Renters that Consider each Neighborhood Characteristic Very or Extremely Important20182019202020212022202320242025
Close to family and/or friends36%37%38%39%37%39%39%43%
Close to shopping, services, and/or leisure activities47%50%51%49%49%56%53%53%
Close to public transportation36%35%34%31%33%37%33%37%
My commute to work or school58%57%55%52%56%59%56%57%
In a walkable neighborhood55%56%55%56%57%61%55%55%
Offered a sense of community or belonging33%34%34%35%39%42%39%43%

Renters Split on Their Ideal Home Type

 

Apartments most common among ideal home types

Most recent renters (56%) included an apartment among the type of home they initially hoped to rent, followed by about a third (34%) who included a single-family detached house. Townhouses (10%), du/tri/fourplexes (7%), and another type of home (4%) followed.

Most rent the type of home they were looking for

Most renters who hoped to rent a single-family detached house (68%) ended up renting one, and the trend of renting what they hoped for is consistent for most home types: 74% of renters who hoped for an apartment in a large building got one, for example.

 

Recent rentersType of home recent renters initially hoped to rent
Type of home they rentedApartment in small buildingApartment in medium buildingApartment in large buildingSingle- family detached houseTownhouse / rowhouseDu/tri/ fourplexAnother type of home
Apartment in small building65%21%6%4%6%5%8%
Apartment in medium building9%48%10%6%8%8%7%
Apartment in large building10%18%74%11%14%15%8%
Single-family detached house8%6%5%68%12%4%42%
Townhouse / rowhouse4%4%3%4%51%15%3%
Duplex / Triplex3%2%1%4%7%51%13%
Manufactured / mobile home1%1%1%3%1%2%14%
Boat, RV, van, etc.0%0%0%0%0%0%4%

 

Recent Renters who Considered Buying

 

Considering buying during their rental search

A majority (64%) of recent renters reported at least thinking about buying during their rental search. A quarter of recent renters (25%) said they seriously considered buying.

Recent renter homebuying consideration20182019202020212022202320242025
Never considered buying54%51%45%44%34%36%42%36%
Seriously considered buying instead19%21%24%23%24%26%22%25%
Thought about buying, more serious about renting27%27%31%34%42%38%36%38%
NET: Considered buying46%49%55%56%66%64%58%64%

 

Share considering moving again

 

Recent Renter Move Consideration20182019202020212022202320242025
No plans to move20%20%19%17%15%15%27%21%
Might consider moving, but not within next 3 years12%14%12%14%12%12%15%14%
Considering moving in the next 2-3 years22%20%23%24%19%19%17%19%
Considering moving in the next year22%23%26%21%31%29%23%24%
Currently considering moving24%24%20%24%19%25%18%22%
Net: Considering in next 3 years68%67%69%59%73%72%58%66%
Net: Any consideration80%80%81%70%81%85%73%79%

 

Plans to buy

Among recent renters who intend to move within the next year, most (59%) say they plan to continue renting.

Among Recent Renters Considering Moving Within the Next Year20182019202020212022202320242025
I plan to continue renting62%61%56%53%56%52%57%59%
I plan to buy my next home34%34%39%39%38%43%39%37%
Neither – I plan to have another living situation5%5%4%8%5%5%4%4%

 

Lower rates could turn more renters into home buyers

Not quite half (42%) of renters say that they would be very or extremely likely to buy a home if rates fell, versus half that (21%) who say the same if rates rise. 

 

Buy if rates fall202320242025
Extremely likely23%19%20%
Very likely22%18%22%
Somewhat likely25%26%25%
Not very likely13%17%14%
Not at all likely16%20%18%
Net: Very/Extremely Likely45%37%42%
Net: Not very/not at all likely29%37%33%

 

Buy if rates rise202320242025
Extremely likely9%6%9%
Very likely11%7%12%
Somewhat likely20%18%19%
Not very likely27%30%27%
Not at all likely32%38%33%
Net: Very/Extremely Likely21%13%21%
Net: Not very/not at all likely59%69%60%

 

Many renters intend to save up to buy before their next move

About two thirds of renters (69%) say they are considering moving in the next three years, or might consider moving but are not sure when. For this group, about half (56%) say they intend to save up enough for a down payment or to buy a home outright. Smaller shares say they intend to save up for a large purchase (26%) like a car, computer or vacation. Only one in ten (11%) said they intend to pair up with a spouse or partner before their next move.

Demand for Digital Tools Stable, Up in Some Cases

 

A fifth of recent renters took zero in-person tours

The typical recent renter surveyed in 2025 reported taking only one in-person tour. Going on at least two in-person tours is still quite common, however: 45% of recent renters reported taking at least two. Only about one in five (22%) recent renters forewent in-person tours entirely.

Share of Recent Renters that Reported Taking20182019202020212022202320242025
0 In-Person Tours21%19%18%23%23%19%19%22%
1-4 In-Person Tours62%63%67%68%71%74%73%68%
5 or More In-Person Tours16%17%15%10%6%8%9%10%

 

Ideal versus reality gap in electronic leasing

While the share of recent renters that signed their lease electronically stayed largely unchanged between 2018 and 2019 (21% and 23% respectively), 2020 saw a substantial increase to 30%, and the trend continued in 2021, when 35% of recent renters reported signing their leases electronically. In 2022, 36% of recent renters reported signing electronically – similar to 2021. 2023 saw that number increase to 40%, peaking at 43% in 2024, then returning to 40% in 2025. In-person leases are still the norm for a slim majority of recent renters (52%), but have been on a downward trend.

Recent Renters who signed their lease...20182019202020212022202320242025
In-person (on paper)72%72%66%56%55%52%51%52%
Electronically (online)21%23%30%35%36%40%43%40%
We did not sign the lease7%5%5%9%8%8%7%8%

About half (52%) of recent renters said they signed their lease on paper. A slightly smaller share (47%) said they would ideally prefer to sign a lease electronically.

SpringFallSpring & Summer
Ideally prefer to do each online201820192020202020212022202320242025
Apply for a rental59%58%58%65%60%65%67%67%62%
Sign a Lease39%42%46%46%45%53%51%51%47%

 

Most pay rent online – more would like to

In fall of 2020, half (50%) of recent renters said they typically paid their rent online. Since then, the share has risen 15 points to 65%. Almost three quarters (73%) of recent renters say they would ideally pay their rent online. 

Recent RsSpringFallSpring & Summer
Typically pay their rent...201820192020202020212022202320242025
In person49%48%43%41%38%37%34%29%36%
Online36%38%43%50%52%56%60%65%61%
Through the mail9%8%9%7%6%4%4%2%3%
Other6%6%5%3%3%3%3%3%3%

 

Recent RsSpringFallSpring & Summer
Would ideally pay their rent...201820192020202020212022202320242025
In person28%28%24%20%28%28%27%24%29%
Online57%57%60%69%65%68%69%73%65%
Through the mail7%7%7%6%5%2%2%2%3%
Other8%8%9%5%2%1%1%2%3%

 

12 Months Is the Most Common Lease Duration

A quarter of renters are month-to-month

About a fifth (22%) of renters say that their lease allows them to leave with no more than a month of notice. For recent renters, the share is smaller: 14% of those that moved in the past year say their lease allows them to leave with no more than a month of notice.

12 months is the norm for two in three fixed-term renters

Among renters on a fixed-term lease, most (59%) said they signed on for a 12-month duration. About one in four (23%) said their lease is longer than a year. Approximately one in eight (12%) said their lease is 2 years or longer, and one in five (18%) say their lease is shorter than 12 months.

Most moved into their rental in the spring

Renters were most likely to report moving into their rental in March (10%), April (10%), May (10%) and June (10%). They were least likely to report moving in December (5%) or November (6%).

Among all renters, share that reported moving in
January9%
February10%
March11%
April10%
May10%
June10%
July7%
August9%
September7%
October7%
November6%
December5%

 

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