Buzz
Image Source: Johner Images/Getty ImagesFor many in the Millennial and Gen Z cohorts, the aspiration of owning a home has become more challenging due to rising property costs and economic instability. As a result, these younger generations are opting for extended rental periods. Yet, according to Zillow, they’re finding ways to make their rental living spaces feel more personal and comfortable.
A new study from Zillow, in collaboration with Thumbtack, highlights that renters are choosing to invest in affordable upgrades to personalize their living spaces while also adding value for landlords. Zillow notes that certain home improvements can increase a rental's appeal, leading to more views, saves, and shares when listed on Zillow Rentals. What's even more interesting is that these upgrades typically cost less than $1,000, according to national average cost estimates from Thumbtack.
Interested in how young renters are turning their rental spaces into personalized havens? Keep reading to explore insights from Zillow's latest report.
They’re Revamping Cabinet Fixtures
Swapping out cabinet hardware is an easy and effective way to update a rental, and according to Zillow, 'matte black finishes can modernize a space, boosting a rental listing by 25% in saves and 49% more shares daily on Zillow Rentals.' The cost typically starts at around $50 but can vary depending on the fixture and how many you're upgrading.
Choosing hardware with half-circle, fluted, or curved designs can give your kitchen or bathrooms a fresh and updated look.
They’re Incorporating Open Shelving
Open shelving is a smart solution for small living spaces, offering both practicality and a chance to display personal decor. According to Zillow’s research, rentals with open shelving get 36% more saves daily on its platform. With an average installation cost of $275, this simple update can make a space feel larger while providing room to showcase your favorite items.
They’re Creating Green Spaces
Incorporating plants into your living space not only enhances your mental and physical well-being but also increases your rental’s appeal: Zillow found that outdoor spaces, such as a garden or patio, can boost a rental's daily views by 24%.
Adding a low-maintenance plant, like a hanging eucalyptus or a small succulent, can bring life to your space without the hassle of constant upkeep. Thumbtack reports that the average national cost for a window box is between $100 and $150 for professional installation, with materials ranging from $15 to $900.
They’re Upgrading the Lighting
A simple lighting upgrade can work wonders in brightening up a rental. Fixtures featuring LED bulbs not only enhance illumination but also improve energy efficiency. Smart lights allow renters to adjust the color and brightness of the bulb according to the time of day, all controllable via a phone app.
Zillow reports that smart lighting can increase daily saves by 22% and daily shares by 35% on Zillow Rentals. According to Thumbtack, the average installation cost for these fixtures is around $150, though prices can vary depending on installation complexity and quantity.
They’re Using Peel-and-Stick Wallpaper
Peel-and-stick wallpaper has quickly gained popularity among renters who want to personalize their spaces. Although this option can be pricier than traditional paint, it allows renters to customize their rooms without any long-term commitment. Thumbtack reports that wallpaper installations are up 10% year-over-year. Many people choose to DIY this wallpaper project, but if you opt for professional installation, expect to pay between $350 and $400.
