Amanda Pendleton, Zillow Home Trends Expert, provided a new perspective on the contemporary renter and what it implies for multifamily operators attempting to draw and keep residents in a cutthroat market at last week’s Multifamily Strategic Marketing Summit in Napa, CA. Pendleton portrayed a renter population that is older, more established, and more likely to remain in the rental market over the long run, according to Zillow’s most recent Consumer Housing Trends Report.
According to the data, a consistent trend toward older households can be seen in the median renter’s age of 41. While the proportion of renters under 30 has decreased recently, renters in their 40s, 60s, and even 70s are increasingly making up the market. However, renting is no longer a quick stop along the way to becoming a homeowner. Almost 60% of tenants who intend to relocate within the next year say they anticipate continuing to rent. One in three believe they would still choose to rent even if mortgage rates dropped.
Additionally, U.S. households are changing overall. Some 37% of renters nationwide have kids at home, and more are looking with spouses or partners. While Gen Z renters continue to be very active movers, millennials and their families now dominate the rental market.
“Today’s renters are older, partnered, parents or pet parents,” Pendleton said. “They want to see themselves and their growing families reflected in rental listings. Your listings and your marketing can no longer just appeal to one type of renter. They need to appeal to renters of all ages and all life stages.”
| Generation | Recent renters | All renters | Household decision makers | U.S. adults |
| Gen Z (18-30) | 44% | 26% | 11% | 20% |
| Millennial (31-45) | 32% | 33% | 26% | 26% |
| Gen X (46-60) | 14% | 20% | 25% | 23% |
| Baby Boomer (61-80) | 9% | 20% | 31% | 26% |
| Silent Generation (81+) | 1% | 1% | 7% | 5% |
Note: Household decision maker and U.S. adult estimates from Census Bureau, 2023 American Community Survey
Renters Driving Shifting Trends Nationwide
Pendleton also suggests that decision-making is still dominated by affordability. Rent growth has moderated, but operating and rental expenditures are still high. The average monthly rent payment has increased by approximately 31%, or $400, since the pandemic. However, U.S. income hasn’t kept up. Rent rise was 1.5 times faster than wage growth between 2019 and 2024. There are now three times as many markets where a household must make more than $100,000 in order to afford rent. Because of this, 93% of tenants believe that sticking to a budget is crucial. Renters are also staying put due to affordability; 69% of them said they cannot afford to relocate.
“Slower rent growth does not mean cheaper rent,” Pendleton said. “Rents are still at record highs, and renters are feeling that every single month.”
In addition to price, renter expectations are changing in ways that present operators with both opportunities and challenges. An increasing number of tenants increasingly view dependable broadband connectivity and pet-friendly rules as necessities. Social gatherings and common experiences are becoming significant differentiators, and interest in community and connection is also growing. Cost transparency is another important component. Renters prefer a single monthly payment that covers both rent and necessary fees, and almost all of them say they want fees to be stated up front.
“Budget is the number one concern, but transparency is what builds trust,” Pendleton said. “When renters can clearly see what they will pay, they are much more confident moving forward.”
Additionally, online searches are rapidly changing. Nowadays, 73% of renters utilize apps and 81% of renters search on their phones, indicating a trend toward a completely mobile-first experience. However, face-to-face communication is still important to shoppers. An in-person tour is crucial before signing a lease, according to more than half of renters.
“The better you understand what renters want and need,” Pendleton said. “The better positioned you are to win new residents and retain the ones you have.”
Pendleton’s message was unambiguous for multifamily operators. Renters today have more options and higher expectations, and success requires on providing them with strong digital experiences, transparency, and a clear grasp of how their requirements are changing.
