Renters are stressed and a new survey says 40 percent of renters report losing sleep while trying to find a new apartment or home to rent with many fretting about cost, communication and competition, according to a Zillow survey.
Another 77 percent of recent renters made compromises to afford their home amid record-high rents. The most common was settling for a place that didn’t have all of the features they wanted (i.e., new appliances, AC, balcony).
“Rising rents are only adding to the pressure renters feel during what is already an emotional and challenging process,” said Zillow home trends expert Amanda Pendleton in a release.
“Renters are often staring down a deadline to leave their current rental, and with competition so intense, they need to make decisions quickly. This survey shows even if renters are making compromises to land an apartment, many are still suffering emotional and physical strain.”
Not being able to find an affordable rental is the most common stressor, with 38 percent of renters noting it as one of the most stressful parts of their search, which coincides with rents jumping 24 percent in just the past two years. According to census data, the typical renter household brings in $3,800 each month, meaning they’d have to spend more than half (53 percent) of their income to rent the typical apartment or house.
Landlord communication an issue
In addition to stress caused by runaway prices, 26 percent of renters said keeping track of emails or messages from landlords they contacted was a concern.
And 22 percent reported the same of having to compete against other renters. Recent renters, about 30 percent, said they ended up renting a smaller home than they had planned.
Zillow’s survey found 76 percent of renters said they would have done at least one thing differently in their most recent rental search. The rental market is expensive and competitive, so renters need to take steps to relieve stress.
About the survey:
This survey was conducted online within the United States by The Harris Poll on behalf of Zillow from August 9-11, 2022 among 2,064 U.S. adults ages 18 and older, among whom 406 have moved into a rental unit in the past 2 years.