Leveraging data collected from about 5.6 million homes listed for rent between June 2023 and May 2024, Zillow Group, Inc. (NASDAQ: ZG) has come up with key insights for rental upgrades that are taken by Millennials and Gen Z adults. These affordable, non-permanent upgrades allow renters to add a personal touch to the rented space to make it feel like their own and add value for their landlord.
ZG Findings: A Win-Win for Renters & Landlords
Temporary home improvements offer a win-win scenario for both renters and landlords. Projects such as updating cabinet hardware, adding open shelving or incorporating smart lighting are cost-effective and often yield significant returns in terms of increased views, saves and shares on Zillow Rentals. For landlords, these improvements can make a rental property more attractive to potential tenants, while renters benefit from a more personalized living space.
Zillow's research highlights several renter-friendly improvements that are effective in boosting the visibility of rental listings. For instance, rental listings with open shelving receive 36% more saves per day than those without, and smart lighting can increase daily saves by 22% and daily shares by 35%. These statistics underscore the value of small but impactful changes that renters can make to ...
