Nearly 3 million renters opted to return to their families or parents as the pandemic spread in April 2020. Most of those renters were Gen Z. Zillow’s survey observes 49% of prospective and current renters suffering from negative employment shock as COVID-19 raged on.
Rent Affordability Perception Shifts
Thoughts on rent affordability continuously experience shifts as 28% of renters decreased their budgets for renting, and only 17% showed an interest in increasing the amount they’ll pay for rental homes. Landlords may need to offer renters some incentives to entice them to move in at current rental rates.
Most renters said that $1,400 per month on average is an ideal rental payment, but studies from last year indicate something else. During the past year, monthly rental bills only reached $1,000 for most tenants, showcasing that they now consider $1,400 as a maximum payment. If given a chance, tenants will choose homes with lower monthly fees.
Renters Expect Landlords to Offer Incentives
In the study, 52% of renters also said they expected landlords to offer incentives to prospective tenants. Common and attractive incentives offered to renters include a decrease in their rental bill, flexible lease terms, partial security deposits, early payment discounts, and property upgrades.