Renters move three times more often than home buyers,^[1] yet the rental experience has long been fragmented, frustrating and filled with inefficiencies. Zillow® has always been known for transforming the real estate journey for consumers, but we've also been working to build the most comprehensive and seamless rental marketplace. Our mission is simple: to bring the same level of innovation, transparency and ease to renting that we've brought to shopping for a home.

Last week's announcement of our multifamily-rentals syndication partnership with Redfin and its sites Rent.com and ApartmentGuide.com was an exciting milestone. Last year, we announced a similar partnership with Realtor.com to syndicate our multifamily listings, further expanding visibility for property managers. These partnerships are a major step forward, but they're just one piece of a much bigger strategy. Zillow is investing in the future of rentals, creating a smarter, more connected ecosystem for renters and property managers alike.

Here are five key things to know about the evolving rental marketplace — and what it means for renters, property managers and real estate professionals.

1. Historically, rental inventory has been fragmented. Zillow is changing that.

Unlike the for-sale market, where MLSs provide structure and centralization, the rental market has long been disjointed, forcing renters to spread their search across multiple platforms. This was a clear opportunity for Zillow to simplify and modernize the experience, bringing inventory into one place and making it easier for renters to find the right home. We started with the most difficult type of rental — single-family homes — leveraging our deep expertise in the for-sale market to create a marketplace that we estimate now includes 60%^[2] of this inventory, more than any other real estate site. With that foundation in place, we've turned our focus to multifamily rentals, expanding our inventory and making Zillow the site with the most rental listings.^[3] This scale is critical to solving the inefficiencies that renters and housing providers have faced for years.

2. Renter needs are evolving.

The rental landscape looks different than it did a decade ago. According to Zillow's Consumer Housing Trends Report, the median age of a renter is now 42 — up from 33 before the pandemic — and more renters than ever have families or pets. With high home prices and mortgage rates keeping many consumers in the rental market longer, the demand for a smarter, seamless search experience has never been greater. Renters expect the same convenience and personalization they get in other aspects of their lives. Zillow is delivering consumer-first innovations like pet-friendly filters, 3D Home® tours, and intuitive search tools that make finding the right home easier and more efficient. And our approach is working: Zillow Rentals is the most visited and most trusted rental network^[4].

3. Affordability remains a priority — and Zillow is bringing transparency to costs.

Since 2019, rents have grown 1.5 times faster than wages, according to an analysis by Zillow and StreetEasy. Today, renters need to earn nearly $80K to comfortably afford the typical rent, which is around $2,000 per month, and 95% of renters say staying within budget is their top priority when searching for a rental. While Zillow can't solve the affordability crisis, we can empower renters with clear pricing information to help them make informed decisions. When provided by property managers or landlords, all move-in costs, monthly recurring charges and other applicable fees can be directly viewed by renters within a listing's Costs & Fees section. This enhanced transparency helps renters budget more effectively and helps ensure that we are connecting our partners with better-prepared, high-intent renters — part of our continued commitment to delivering the level of service that multifamily advertisers have rated highest in satisfaction for lead quantity and quality.^[5]

4. Digital tools are essential in a fast-moving rental market.

Buyers often take a year or more to consider making their big move, and many save for even longer. Renters, on the other hand, are often crunched for time. Nearly one-quarter (24%) of renters say they've been given notice of just 30 days or less before they need to find a new home. Renters rely on detailed, media-rich listings, virtual tours and instant tour scheduling to streamline their search. Zillow makes these tools widely accessible — Zillow 3D Home tours provide renters with an immersive way to explore listings while giving property managers a powerful tool to showcase their units. Additionally, with Zillow's universal rental application, renters can apply to as many participating places as they want over the span of a month for one flat fee, saving both time and money.

5. Zillow's marketplace benefits both renters and housing providers.

Zillow is building more than a search platform — we're creating a symbiotic rental ecosystem where renters and housing providers both win. Renters can search, tour, apply, sign a lease, pay rent and even secure renter's insurance, all through Zillow. At the same time, property managers have the tools to efficiently market listings, manage applicants, and streamline lease signings and payments, all in one place. By bringing more rental listings onto our platform and enhancing the experience for renters with better tools to help them find and secure a home, we create a seamless and efficient process. In turn, housing providers benefit from more exposure, opportunities for stronger engagement and access to more leads.

We're laser-focused on building the most complete rental marketplace, ensuring that renters no longer have to bounce between multiple sites to find their next home. At the same time, we're committed to helping our multifamily-property partners fill vacancies faster by offering the tools and advertising solutions they need to succeed.

Zillow has made home buying easier by bringing more of the transaction online. Now, we're doing the same for rentals — creating a seamless, integrated experience that makes renting simpler and more efficient for both renters and property managers.

^[1] Zillow Group internal data and estimates for 2024.

^[2] Zillow internal data and estimates for 2023.

^[3] Zillow internal data on total rental properties compared to Apartments.com data published on its website and investor materials, October 2024.

^[4] Visits are measured by Comscore Media Metrix® Multi-Platform, comparing Zillow Rentals, Apartments.com Network, and Rent., Desktop and Mobile, U.S. Trust is measured through a survey of Renters with Ipsos Omnibus.

^[5] Zillow Survey (795 respondents, Zillow partners and ALN Apartment Data list contacts) source list multifamily property and marketing managers that have used one of the following Internet Listing Services: Zillow, CoStar, Rent., Apartment List, Zumper, January-February 2024.