Zillow has added a Cost of Renting Summary on all rental multifamily building detail pages to give renters clear insight into the financial obligations of renting. The Cost of Renting Summary was purposely built to empower the average monthly 28 million unique visitors to Zillow Rentals with the information they need to make informed decisions throughout their housing journey.
According to Zillow’s Consumer Housing Trends Report (CHTR), 80% of renters said staying within their initial budget is highly important — more than any other factor in choosing a home. However, many renters may not be aware that their budget needs to account for more than just the monthly rent. Zillow’s latest CHTR report shows that the typical security deposit for renters who paid one was between $500 and $999. For renters who paid an application fee, the typical amount was between $40 and $59. These onetime fees and any ongoing monthly charges can quickly add up, potentially pushing renters beyond their desired budget range.
“Renters should feel financially confident when applying for an apartment, no surprises included,” said Christopher Roberts, senior vice president and general manager of Zillow Rentals. “Transparency is at the core of our commitment to renters, and tools like the Cost of Renting Summary provide them with the comprehensive data to navigate the housing market and discover the perfect home within their budget.”
The Cost of Renting Summary leverages available data provided by Zillow’s multifamily partners to preload the tool with information about monthly costs, such as rent, parking fees and pet fees, as well as onetime expenses like security deposits, application fees and administration fees. Now renters can view the total cost of renting a specific unit they are interested in directly on the building’s detail page, making it easier to assess affordability.
Zillow will continue to enhance the tool to enable renters to customize the data themselves with more details, such as utilities and cable/internet, enabling them to tailor the cost summary to their specific needs, giving them a more personalized experience.
