{"id":626490,"date":"2023-04-06T07:00:00","date_gmt":"2023-04-06T12:00:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/06\/renters-of-color-pay-higher-upfront-costs\/"},"modified":"2023-04-06T07:00:00","modified_gmt":"2023-04-06T12:00:00","slug":"renters-of-color-pay-higher-upfront-costs","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/06\/renters-of-color-pay-higher-upfront-costs\/","title":{"rendered":"Renters of color pay higher upfront costs"},"content":{"rendered":"<div id=\"news_body_137865\">\n<p><i>Higher security deposits and more application fees add to an already stressful and pricey renting experience<\/i><\/p>\n<ul type=\"disc\">\n<li><i>Black, Latinx and Asian American Pacific Islander renters report paying application fees that are 43% higher than those paid by white renters.<\/i><\/li>\n<li><i>30% of Asian American Pacific Islander renters report paying at least <span>$1,000<\/span> for a security deposit compared to 17% of white renters.<\/i><\/li>\n<li><i>Zillow allows renters to apply for an unlimited number of participating rentals for 30 days for a flat fee. <\/i><\/li>\n<\/ul>\n<p>,  \/<a href=\"http:\/\/www.prnewswire.com\/\" target=\"_blank\" rel=\"noopener\">PRNewswire<\/a>\/ &#8212; <span>It&#8217;s more difficult than ever to afford a rental after prices skyrocketed during the pandemic. With affordability as tight as it is, the upfront costs for renting are a major burden that could put the cost of moving to a new rental out of reach. Renters of color are more likely to report paying these upfront costs, and oftentimes, the fees are higher.<\/span><\/p>\n<p>\n                        <a href=\"https:\/\/mma.prnewswire.com\/media\/2048709\/Zillow_Renters_of_Color_Chart.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/2048709\/Zillow_Renters_of_Color_Chart.jpg\" title alt><br \/>\n                        <\/a>\n                <\/p>\n<p>According to <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&#038;l=en&#038;o=3830200-1&#038;h=3497591623&#038;u=https%3A%2F%2Fwww.zillow.com%2Fresearch%2Frenters-consumer-housing-trends-report-2022-31265%2F&#038;a=Zillow%27s+Consumer+Housing+Trends+Report\" target=\"_blank\" rel=\"nofollow noopener\">Zillow&#8217;s Consumer Housing Trends Report<\/a><\/u><sup><sup>1<\/sup><\/sup>, the typical Black, Latinx and Asian American Pacific Islander (AAPI) renter all reported spending <span>$50<\/span> per rental application while white renters reported paying <span>$35<\/span>. In addition to the higher amount spent, Black and Latinx renters were nearly twice as likely to report submitting five applications or more before securing a rental. (Thirty-eight percent of Black and Latinx renters report submitting five or more applications, compared to 21% of white renters.)<\/p>\n<p>&#8220;Monthly rent prices are nearly the highest they&#8217;ve ever been, and unfortunately for so many people, finding a place to rent comes at an even higher cost,&#8221; said <span>Manny Garcia<\/span>, a population scientist at Zillow. &#8220;We so often hear about the benefits of renting and the flexibility it offers, but disparities persist, and many renters of color aren&#8217;t granted the same mobility as others because of higher upfront costs.&#8221;<\/p>\n<p>Renters looking to lower the cost of application fees may have options. Zillow offers renters an <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&#038;l=en&#038;o=3830200-1&#038;h=4265805021&#038;u=https%3A%2F%2Fwww.zillow.com%2Fz%2Frental-manager%2Frental-applications-faq%2F&#038;a=online+application+process\" target=\"_blank\" rel=\"nofollow noopener\">online application process<\/a><\/u> that provides renters with a single form they can use to apply to as many participating properties on Zillow as they&#8217;d like over a 30-day period for a flat fee.<\/p>\n<p>Zillow data indicates that the average renter who used Zillow Applications in 2022 applied for at least three rentals. Considering the median application fee is <span>$50<\/span> for renters who report paying one, Zillow&#8217;s application process could save the typical renter applying to three or more participating properties more than <span>$100<\/span>. Additionally, our universal application feature offers just a &#8220;soft&#8221; credit pull, protecting renters from having their own credit score impacted by applying for an apartment.<\/p>\n<p>Application fees are not the only upfront costs to consider. Once a rental is secured, nearly all renters (85%) report putting down a security deposit. In 2022, the typical security deposit reported was between <span>$500<\/span> and <span>$999<\/span>. This means that for renters who are already struggling financially, such as the 38% who said they couldn&#8217;t afford an unexpected expense of <span>$1,000<\/span> in 2021, security deposits could be a significant obstacle to signing a new lease.<\/p>\n<p>The burden is often greater for renters of color, who are more likely to report paying a more expensive security deposit: 39% of Latinx and 43% of AAPI renters paid at least <span>$500<\/span> for their deposit, and 22% of Latinx and 30% of AAPI renters paid at least <span>$1,000<\/span>.<\/p>\n<p>Given these affordability constraints, it&#8217;s especially important for renters to be aware of their rights in the communities where they are searching. Zillow rental listings display available local legal protections, including <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&#038;l=en&#038;o=3830200-1&#038;h=4075483264&#038;u=https%3A%2F%2Fwww.zillow.com%2Fresources%2Fstay-informed%2Fstate-income-protection-laws%2F&#038;a=source+of+income\" target=\"_blank\" rel=\"nofollow noopener\">source of income<\/a><\/u> and <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&#038;l=en&#038;o=3830200-1&#038;h=3846796217&#038;u=https%3A%2F%2Fwww.zillowgroup.com%2Fnews%2Flgbtq-legal-protections%2F&#038;a=LGBTQ%2B+anti-discrimination+laws\" target=\"_blank\" rel=\"nofollow noopener\">LGBTQ+ anti-discrimination laws<\/a><\/u>. While source of income protections do not currently exist in all 50 states, Zillow believes families who depend on alternative sources of income, including housing choice vouchers, should be able to secure a comfortable home, free from discrimination. Zillow strongly supports efforts to expand these protections nationwide.<\/p>\n<p><b>About Zillow Group<\/b><\/p>\n<p>Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life&#8217;s next chapter. As the most visited real estate website in <span>the United States<\/span>, Zillow\u00ae and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.<\/p>\n<p>Zillow Group&#8217;s affiliates and subsidiaries include Zillow\u00ae; Zillow Premier Agent\u00ae; Zillow Home Loans\u2122; Zillow Closing Services\u2122; Trulia\u00ae; Out East\u00ae; StreetEasy\u00ae; HotPads\u00ae; and ShowingTime+\u2120 , which houses ShowingTime\u00ae, Bridge Interactive\u00ae, and dotloop\u00ae and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (<a href=\"http:\/\/www.nmlsconsumeraccess.org\" rel=\"nofollow\">www.nmlsconsumeraccess.org<\/a>).<\/p>\n<p><sup><sup>1<\/sup><\/sup>\u00a02022 Zillow Consumer Housing Trends Report. Zillow Group Population Science conducted a nationally representative survey of 8,300 unique renters \u2014 more than 2,500 recent renters and 5,700 tenured renters. The study was fielded between March and <span>June 2022<\/span>.<\/p>\n<p>\n                        <a href=\"https:\/\/mma.prnewswire.com\/media\/844956\/Zillow.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/844956\/Zillow.jpg\" title=\"Zillow logo (PRNewsfoto\/Zillow Group)\" alt=\"Zillow logo (PRNewsfoto\/Zillow Group)\"><br \/>\n                        <\/a>\n                <\/p>\n<p>SOURCE  Zillow<\/p>\n<p><img decoding=\"async\" alt src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF63421&#038;Transmission_Id=202304060800PR_NEWS_USPR_____SF63421&#038;DateId=20230406\"><\/p>\n<\/div>\n<p><a href=\"https:\/\/zillow.mediaroom.com\/2023-04-06-Renters-of-color-pay-higher-upfront-costs\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Lawanda Mayoral<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher security deposits and more application fees add to an already stressful and pricey renting experience Black, Latinx and Asian American Pacific Islander renters report paying application fees that are 43% higher than those paid by white renters. 30% of Asian American Pacific Islander renters report paying at least $1,000 for a security deposit compared [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":626491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[573,534,27393],"tags":[],"class_list":{"0":"post-626490","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-color","8":"category-financial","9":"category-renters"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/626490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=626490"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/626490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/626491"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=626490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=626490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=626490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}