PR Newswire
SEATTLE, May 1, 2023
A new Zillow survey of landlords reveals the most burdensome rental management activities
SEATTLE, May 1, 2023 /PRNewswire/ -- Peak rental season is approaching, and a new set of landlords could be entering the market. Zillow economists predicted that 2023 would bring a surge in first-time landlords after record-low mortgage rates spurred increased investment in second homes in 2020 and 2021. In March 2023, Zillow saw a 22% year-over-year increase in landlords listing their properties for the first time using Zillow Rental Manager (Zillow's suite of free property management tools).
To provide insight into the commitment of managing a rental property to this new class of landlords, Zillow surveyed first-time and repeat landlords to learn what the most burdensome parts of the process are for them. The typical (median) landlord who completed the survey reported having two rental properties.
According to Zillow's survey data1, almost all landlords (92%) said repairs or maintenance were among the top three most demanding responsibilities of managing a rental property, and 40% considered it the No. 1 most burdensome. Screening tenants (reading applications, completing background checks and credit checks) was a close second, with 71% of landlords reporting it among their top three most burdensome activities.
More than one-third of landlords (36%) said they wished they would have known how hard it would be to find reliable renters, and managing the rental (communicating with tenants, accounting, etc.) was more time-consuming than they had anticipated. Thirty-four percent also noted that they wished they would have known the leasing process (processing applications, scheduling tours, writing a lease, etc.) would take more effort than expected.
"Investing in a rental property can provide reliable income and housing for a renter who needs it, but it's crucial for landlords to understand the responsibilities," said Manny Garcia, a population scientist at Zillow. "Many landlords wish they had known more about the effort required to find tenants and keep the property in good condition."
Staying on top of the needs of current tenants and leasing a rental take time and effort. Zillow Rental Manager provides landlords with the right tools to support them throughout the process, for free. In addition to offering housing providers an easy way to create their listing and get free access to the most visited rental network2, Zillow Rental Manager has a ton of resources available now (and coming soon) to help them manage their portfolio and optimize their investment. Among those resources:
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.
Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
1 Zillow Group Population Science conducted a nationally representative survey of more than 1,000 U.S. adults who own at least one property that they rent out.
2 Comscore Media Metrix® Multi-Platform custom-defined list: Zillow Rentals, the Apartments.com network, Rent., ApartmentList.com and Zumper Inc. Total Audience, January–-December 2022, U.S.
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SOURCE Zillow
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