2025 Is a Record-Setting Year for Renters

Homeownership may be the dream, but for 46 million households, renting is the reality.

That’s the highest number of renters in U.S. history.

And according to Zillow’s latest data, this rental season isn’t just busy, it’s shaping up to be a record-setting year. 

Rental Season Hits Record Highs

Zillow’s data shows that rental activity on its platform is already outpacing the past two years, with spikes in apartment views, applications, and lease creations. Historically, the first week of June sees the highest traffic of the year.

Zillow Rentals currently lists over 2 million active rentals, with more inventory than any other platform.

And while a 2024 construction boom delivered the largest number of new rental units since the 1970s, the incentives used to attract tenants are starting to decline. The share of listings offering freebies, like a free month’s rent, dropped from 40% in March to under 35% in April. This could mean that renters are acting fast before the deals disappear.

Today’s Renters are Tomorrow’s Buyers 

Most agents still treat renters like a dead end. But data shows that renters are searching. They’re moving. And they’re making decisions faster than buyers right now: 

• Renters are 4x more likely to move than homeowners, according to the U.S. Census Bureau. 
• The majority of renters want to buy in the future, but they’re choosing who to trust right now.

This is an opportunity to connect with the most mobile segment of the population, build long-term relationships, and future-proof your pipeline.

Many are higher-income earners priced out of purchasing right now due to elevated mortgage rates. Others are relocating, downsizing, or simply waiting for the right time to buy. 

By offering value now, whether through rental concierge services, affordability tools, or simple follow-up, you position yourself as the agent they trust when they’re ready to make their next move.