Renters of color pay higher security deposits, more application fees
Results from Zillow's Consumer Housing Trends Report show renters of color typically submit more applications — and pay more in application fees — before they secure a place to live than white renters do. Renters of color also typically pay a higher security deposit when they move in.i The U.S. rental market is as competitive as it's been in decades, with the national vacancy rate lower than at any time since 1984.ii Rent prices have skyrocketed, up a record 17% in just the past year, prompting some priced-out renters to look for a more
Morehouse College Students Win Zillow’s HBCU Hackathon with App That Flags Looming Affordability Challenges for Renters
SEATTLE – Zillow’s HBCU Housing Hackathon, which drew more than 150 students from Historically Black Colleges and Universities (HBCUs), awarded top prizes to teams that innovated to help at-risk renters and struggling first-time home buyers. The top three finishers in the hackathon, created in collaboration with the United Negro College Fund (UNCF) , Black Tech Ventures (BTV) and Amplify 4 Good, won over the judges with projects that offer solutions to barriers in the housing journey. A team of four Morehouse College students won first place and $20,000 for its program that uses machine learning to
Zillow Finds Remote Work Could Help Black Renters Become Homeowners
The rapid rise in pandemic-driven telework could make first-time homeownership most broadly accessible to black renters compared to other renters, based on factors including income, the makeup of local industries, geography and more, a November Zillow analysis suggests. Zillow research found that, of the nearly 2 million U.S. renters who are able to take advantage of heightened telework options and could afford monthly payments on homes in less-expensive areas outside of their current metros, Black renters benefit far more than other renters. In large metro areas where typical starter