– Zillow has introduced a new feature that allows landlords to list single rooms for rent.
– This feature is aimed at addressing affordability concerns, as more renters are opting to live with roommates.
– The rise in rents since the pandemic has left nearly 50% of renters nationwide burdened by their monthly rent.
– The feature is primarily targeted towards young renters, who make up a significant portion of the rental market.
– A survey conducted by Zillow found that finding a good roommate is perceived to be harder than finding a good romantic partner.
– Zillow is also promoting the feature as a way for homeowners to generate extra income and help pay their mortgage.
Landlords now have the ability to list single rooms for rent on Zillow, as affordability concerns relegate more renters to living with roommates.
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As rentals of whole apartments become unattainable for renters in some markets, a new Zillow feature will allow prospective tenants to view listings of individual rooms, the company announced this week.
Starting this week, landlords have the ability to list single rooms in apartments for rent, as affordability concerns relegate more renters to living with roommates.
“We know finding the right place to call home isn’t one-size-fits-all,” said Michael Sherman, vice president of Zillow Rentals. “By introducing room listings, we’re crafting a robust marketplace of options that truly reflects the varied needs of renters. We’re committed to providing a platform where searching for a room, a house, an apartment or anything in between is as easy as clicking a button.”
The announcement, made Thursday, comes as rents in the United States have risen 30 percent since the pandemic, leaving nearly 50 percent of renters nationwide cost-burdened by their monthly rent, according to Harvard research.
Americans are renting for longer, too. As high mortgage rates make owning a home even more expensive, would-be homeowners continue to rent their houses, which remains cheaper than buying in nearly every major housing market.
Zillow’s new feature is geared mostly towards young renters who are looking to live with roommates. Generation Z and millennial renters make up more than half of the United States rental market, according to Zillow data. A Zillow survey conducted with The Harris Poll found that 59 percent of these young renters say they are unsure where they would look to find a roommate if they needed one.
The survey of young renters also found that 60 percent of respondents reported that finding a good roommate is harder than finding a good romantic partner.
Zillow is billing the feature as not only beneficial for those looking for roommates, but for landlords and homeowners as well, giving homeowners an easy way to list rooms in their house to bring in extra income and help pay their mortgage.
Property Chomp's Take:
In an effort to address the increasing affordability concerns faced by renters, Zillow has introduced a new feature that allows landlords to list single rooms for rent. With rents rising by 30 percent since the pandemic, many renters are finding it difficult to afford whole apartments and are turning to living with roommates as a more affordable option.
The ability to list individual rooms on Zillow's rental marketplace provides a solution for renters who are seeking shared living arrangements. This feature acknowledges that finding the right home is not a one-size-fits-all situation. Michael Sherman, Vice President of Zillow Rentals, believes that by introducing room listings, they are creating a robust marketplace that caters to the varied needs of renters.
The announcement comes as a response to the growing rental affordability crisis in the United States. According to Harvard research, nearly 50 percent of renters nationwide are burdened by their monthly rent. This rise in rental costs, coupled with high mortgage rates, has led more Americans to choose renting over homeownership.
Zillow's new feature is primarily aimed at young renters, particularly Generation Z and millennials, who make up a significant portion of the rental market. In a survey conducted by Zillow, it was found that 59 percent of young renters are unsure where to find a roommate if needed. Additionally, 60 percent of respondents reported that finding a good roommate is harder than finding a good romantic partner.
The introduction of room listings on Zillow not only benefits renters but also provides an opportunity for landlords and homeowners to generate extra income and offset their mortgage payments. Homeowners can now easily list rooms in their houses, thereby expanding their rental options and attracting potential tenants.
Overall, Zillow's new feature addresses the changing landscape of the rental market and offers a practical solution for renters looking for more affordable housing options. By providing a platform that caters to the needs of renters seeking shared living arrangements, Zillow is helping to alleviate some of the financial burdens faced by tenants in today's challenging rental market.