ZG Zillow Group Inc

New data from Zillow Rentals identifies today's most in-demand rental amenities

• Listings with newly popular rental amenities, such as turf, air filtration and happy hour, get more daily saves and shares on Zillow Rentals than similar units without these features.
• Rentals with traditional luxury amenities like fitness centers and swimming pools get fewer saves and shares per day than expected.
• Off-street parking and in-unit laundry are the most in-demand rental features, contributing to nearly twice as many saves and shares per day on Zillow Rentals.

SEATTLE, Sept. 19, 2024 /PRNewswire/ -- Renters are rethinking what they want and need in a home, looking beyond buildings with traditional rental amenities in favor of those with features and services that better suit their lifestyle and budget. New research from Zillow Rentals^® finds listings with a turfed pet area, coworking space or community happy hours are drawing more interest than listings with typical luxury amenities like a fitness center, pool and business center.

"Renters are spending more money and more time in the rental market than ever before, making them more intentional about the spaces they choose," said Emily McDonald, Zillow's rental trends expert. "They are prioritizing practical amenities while also seeking community-focused perks like coworking spaces and social events. These features offer a balance of convenience and lifestyle enhancement, making renters more willing to invest in homes that cater to both their everyday needs and social lives." 

A new Zillow^® analysis of nearly 5.6 million rental listings, including apartment buildings and single-family houses, finds certain amenities contribute to more saves and shares per day when a home is listed on Zillow Rentals, the No. 1 most visited rental network. These metrics are a signal of demand, as renters who save a listing or share it with their shopping partner are more serious about a home. The higher the demand, the faster a unit or a house is likely to rent. 

It's no surprise that the most in-demand amenities are off-street parking and in-unit laundry. Listings that mention off-street parking get 85% more saves and 103% more shares per day on Zillow Rentals. In-unit laundry helps a listing get 76% more daily saves and 92% more daily shares compared to similar units. 

Once those essentials are checked off, renters are looking for new perks. A pet-friendly patch of turf can boost daily saves by 76% and daily shares by 91% on Zillow Rentals. After all, previous Zillow research finds nearly three in five renters have a pet. Air filtration, popularized during the pandemic and increasingly important as more areas feel the impact of wildfire smoke, can help a rental get 72% more saves and 79% more shares per day. Communities that offer happy hours for tenants get 50% more daily saves and 67% more daily shares. 

On the flip side, buildings with the usual suite of luxury amenities might have to work harder to compete. Rentals that advertise a fitness center now get 26% fewer saves and 31% fewer shares per day compared to similar listings on Zillow Rentals. Pools contribute to 10% fewer daily saves and 13% fewer daily shares. Rentals with a business center get 24% fewer saves and 27% fewer shares per day on Zillow Rentals. Instead, renters are more interested in coworking spaces, which get 16% more saves and 23% more shares.

"Renters today who are looking at higher-end rentals may expect a suite of amenities," said McDonald. "Some features, such as a fitness center, don't stand on their own, but are most often paired with other desirable amenities, such as a playground, or a tennis or sport court. Every renter will have their own priorities so it's important for a property manager or landlord to list everything a unit has to offer."

Wow-factor features are still fueling engagement on Zillow Rentals, but today those amenities look different. Bowling alleys can contribute to 30% more saves and 37% more shares per day, and a putting green drives 25% more daily saves and 40% more daily shares. Modern farmhouse features like butcher block countertops and barn doors contribute to more than 55% additional saves (58% and 56% respectively) and about 70% more shares per day (69% and 72% respectively) compared to similar homes on Zillow Rentals.

Renters may have more opportunities to nab a rental with all the amenities they're looking for this fall. Zillow's latest Rental Market Report finds a slew of new construction apartment buildings have hit the rental market following a pandemic-era building boom. That's slowing down rent price growth nationally. Plus, more than one-third (34.3%) of all rental listings on Zillow offered a concession in August, such as free parking, to entice new tenants to move in. That is the highest share of concessions offered since March 2021.

About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. 

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®. 

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 20234 MFTB Holdco, Inc., a Zillow affiliate.

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SOURCE Zillow Group, Inc.