Zillow introduces the Cost of Renting Summary
to bring transparency to rental expenses
SEATTLE, July 19,
2023 /PRNewswire/ -- Zillow's new Cost of Renting
Summary gives renters clear insight into the financial obligations
of renting, making it easier than ever to understand the costs
involved. This feature is now available on all detail pages for
rental multifamily buildings across the Zillow app and website.
The Cost of Renting Summary was purposely built to empower the
average monthly 28 million unique visitors to Zillow
Rentals1 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. And 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.
The new feature was recognized today by the White House in an
announcement outlining President Biden's efforts to lower
costs for renters. The Administration's commitment to promoting
transparent pricing aligns perfectly with Zillow's mission to bring
clarity to renters. The recognition is part of a long partnership
with the White House, the U.S. Department of Housing and Urban
Development and policy makers to highlight Zillow's pro-consumer
products and economic research.
"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.
The Cost of Renting Summary is one of many products Zillow
offers to create ease, address inequities and help renters save
money. Others include:
- Universal applications: Zillow offers a streamlined
online application process for both renters and housing providers.
For a flat fee, renters can use a single form to apply to multiple
participating properties on Zillow within 30 days. This saves
renters time and money, as they no longer need to pay multiple
application fees. The "soft" credit-pull feature allows landlords
to check credit without impacting renters' credit scores.
- Fair housing resources: Rental listings on Zillow
display available local legal protections, such as source-of-income
and LGBTQ+ anti-discrimination laws. This ensures that renters are
aware of their rights and helps housing providers understand their
legal obligations.
- Anti-discrimination tools: Zillow utilizes technology to
screen new rental listings and filter for discriminatory content
based on federal, state and local fair housing laws, including
source-of-income and other anti-discrimination laws.
- Housing Connector: Zillow has partnered with Housing
Connector to connect clients experiencing homelessness with
available and affordable rental housing. This program has created a
network of more than 73,000 rental units and has housed 5,000
people since its launch in 2020.
- Help for renters to unlock homeownership: Zillow
displays down payment assistance information on eligible for-sale
home listings to help renters in their journey toward
homeownership. A feature for veterans allows them to search for
condos that accept Veterans Affairs loans, expanding affordable
homeownership options. Zillow also provides buyers with an
easy-to-use affordability calculator found on the Home Loans tab on
Zillow's homepage, helping them determine their budget and connect
with a loan officer to assess both their qualified mortgage amount
and what they're comfortable paying.
Zillow is committed to developing innovative products and
supporting policies that break down barriers in the rental market
to enhance ease and transparency, creating a more pro-consumer
market that is fair and accessible, and offers abundant housing
options for all.
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, great partners, and easier
buying, selling, financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing
Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and
ShowingTime+℠, which includes ShowingTime®, Bridge
Interactive®, and dotloop®.
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). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
1 Comscore Media Metrix®
Multi-Platform, Zillow Rentals, January–May 2023, U.S.
(ZFIN)
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SOURCE Zillow