Zillow and Thumbtack data reveals the projects
that personalize a rental for less than $1,000
SEATTLE, Aug. 28,
2024 /PRNewswire/ -- Millennials and Gen Z adults
priced out of homeownership are renting for longer, prompting many
to seek out ways to personalize their not-so-temporary space. New
data from Zillow1 and Thumbtack2 finds there
are affordable, nonpermanent upgrades that allow renters to make
their space their own and add value for their landlord.
Certain home features can contribute to more views, saves and
shares per day when a home is listed on Zillow Rentals®, the number
one most visited rental network3. That makes many of
these projects a win-win for landlords and renters alike. They also
typically cost less than $1,000,
based on national average cost estimates from Thumbtack, the
technology company helping millions of people confidently care for
and improve their homes.
"There are so many improvements that are both beneficial to a
landlord and allow renters to make their space feel more like
home," said Emily McDonald, Zillow's
rental trends expert. "However, before making any major changes,
renters should always review their lease and check with their
landlord. If a renter can show how the upgrades add function or
style, they may be more likely to get buy-in. In some cases, a
landlord may be willing to split the costs if a renter is hiring a
professional to do the work and willing to manage the project
themselves."
These are the seven renter-friendly home improvements to
consider:
Swap out cabinet hardware: Changing out cabinet hardware
is one of the easiest ways to make a kitchen or bathroom feel more
contemporary. Choose half circles, fluted, or curved hardware for a
fresh feel.
As for color, matte black finishes can modernize a space and
help a rental listing get 25% more saves and 49% more shares per
day on Zillow Rentals. The cost of updating hardware or fixtures
can range anywhere from $50 to a few
hundred dollars, depending on the fixtures and how many are swapped
out.
Add open shelving: Zillow® research finds rental listings
with open shelving get 36% more saves per day on Zillow Rentals
than similar units. With a national average cost of $275 for professional installation, open shelving
allows renters to display personal mementos, art or books without
adding bulky furniture that takes up valuable square
footage.
Become a plant parent: Plants can improve a home's air
quality and boost a renter's mental and physical health. A small
herb garden is great for a home chef, a hanging eucalyptus plant
can turn a shower into a spa, and succulents or cacti can add
low-maintenance greenery.
For outdoor spaces, a patio garden can boost a rental's daily
views by 24.2% on Zillow Rentals. No patio? Try window or railing
boxes to add color. Thumbtack finds the average national cost for a
window box is $100-$150 for professional installation and
$15-$900 for materials, depending on the type
purchased.
Paint a room or add an accent wall: Landlords commonly
allow renters to paint their walls if they agree to paint it back
before they move out. The right color can make a dramatic impact
and boost value. Darker hues are now preferred over white walls,
according to Zillow's latest research on paint colors.
"Gen Z shows an inclination towards bold, dark colors, which is
a departure from more traditional color schemes," said Rafael Rodriguez, a Thumbtack Pro and owner of
Dambrak Painting. "Unlike previous generations that commonly use
semi-gloss white for trim and flat white for ceilings, many Gen Z
renters opt to paint both walls and trim in the same, often dark
color, and ceilings in varied shades of off-white or other colors,
creating a more cohesive look."
Interior painting requests are up 18% year-over-year on
Thumbtack. The national average cost to paint a room is
$324-$1,620. Homes with higher ceilings and bigger
walls will typically cost more to paint, leading many renters to
opt for accent walls instead. Painting of any kind can pay off.
Fresh paint helps a rental listing get 14% more saves and 17% more
shares per day on Zillow Rentals.
Upgrade lighting: New lighting fixtures can instantly
change the mood of a space and save money. LED bulbs and fixtures
are up to 90% more efficient.
App-controlled smart lights can change color and brightness
based on the time of day. Smart lights can boost daily saves by 22%
and daily shares by 35% on Zillow Rentals. Thumbtack finds the
average cost for lighting installation is about $150 but depends on the number and type of
fixtures installed.
Hang Mirrors: Wavy, circular, and arched mirrors are
on-trend, and they make a room feel bigger and brighter. Hanging a
mirror is a relatively easy DIY project, and savvy shoppers may be
able to snag a great vintage find for less than $100. For a more dramatic effect that visually
expands a space, consider a mirrored wall. Rental homes with a
mirrored wall get an additional 10% more saves and shares per day
on Zillow Rentals.
Embrace peel-and-stick: Renters have embraced temporary
wallpaper for a custom look without the commitment. On Thumbtack,
wallpaper installations are up 10.1% year-over-year. Peel-and-stick
wallpaper is generally more expensive than paint and can be tricky
to apply. Hire a pro and expect to shell out $300 to $450 on
average for installation.
Keep in mind, peel-and-stick isn't just for walls anymore.
Temporary backsplash applications are trending along with adhesive
floor tiles or stickers.
"We're seeing Gen Z take advantage of renter-friendly
improvements to make their space uniquely their own – whether it's
through bold lighting upgrades, finishes or eclectic decor," said
Morgan Olsen, Design Expert at
Thumbtack. "Being a renter doesn't mean you have to compromise on
adding character to your space, and budget conscious options can
still have a big impact on how your space feels and looks."
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and
ZG) is reimagining real estate to make home a reality for more and
more people. As the most visited real estate website in
the United States, Zillow and its
affiliates help people find and get the home they want by
connecting them with digital solutions, dedicated partners and
agents, and easier buying, selling, financing and renting
experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 20234 MFTB Holdco, Inc., a
Zillow affiliate.
About Thumbtack
We're Thumbtack, a technology company
helping millions of people confidently care for and improve their
homes. Our homeowners get personalized guidance on what to do and
when to do it as well as who to hire from our growing community of
300,000 local service businesses. Every day in every county of the
U.S., people turn to Thumbtack to complete small fixes, routine
maintenance, and major improvements. With over 11 million 5-star
projects and counting, we empower homeowners to take control and
local businesses to grow. Accomplish more with
Thumbtack.
1 This analysis used listing data from almost 5.6
million homes listed for rent between June
2023 and May 2024 for which
complete data was available. This analysis used multiple
regression, comparing home views, saves and shares during their
active listing period against their home type, region, listing
month, rent price, and rent per square foot, as well as the
presence or absence of 226 features being mentioned in the listing
descriptions. For more information on methodology, please contact
press@zillow.com.
2 Renter-friendly projects are pulled from Thumbtack's
list of project recommendations for renters that don't require
demolition or make permanent changes. All year-over-year comparison
data is based on findings from Thumbtack projects in June 2023 - August
2024. Pricing data is based on national average cost
estimates and ranges using data provided either by Thumbtack pros
or from external research,real prices may vary based on city and
supply. Consult a pro for accurate pricing information.
3 Comscore Media Metrix® Multi-Platform, Custom-defined
list: Zillow Rentals, Apartments.com Network, Rent.,
Apartmentlist.com, and Zumper inc, Total Audience, Jan-Dec 2023, U.S.
View original
content:https://www.prnewswire.com/news-releases/affordable-renter-friendly-home-improvements-that-add-value-302232096.html
SOURCE Zillow Group, Inc.