5 Ways Millennials and Gen Z Are Making Long-Term Rentals Feel More Like Home

Homeownership is out of reach for many young adults, but new data from Zillow suggests they're making do with what they have on a budget.

For many Millennials and Gen Zers, the dream of homeownership has become increasingly elusive— rising property prices and economic uncertainty are making it a challenge to settle down in a permanent residence. As a result, younger generations are electing to rent for longer periods—and according to Zillow, they're making the best of their living situations.

A recent report from the real estate platform, in collaboration with Thumbtack, found renters are choosing to make affordable, nonpermanent upgrades that allow them to personalize their spaces and add value for their landlords. According to Zillow, certain home features can contribute to more views, saves, and shares per day when a home is listed on Zillow Rentals. What's even more compelling, though, is that these projects typically cost less than $1,000, based on national average cost estimates from Thumbtack.

Curious to find out how young renters are transforming their spaces into unique sanctuaries? Read on for more information from Zillow's report.

Related: Do You Decorate Like a Boomer, Gen Xer, Millennial, or Gen Zer?

They're Updating Cabinet Fixtures

Swapping out cabinet hardware is one of the simplest ways to modernize a rental, and according to Zillow, “matte black finishes can modernize a space and help a rental listing get 25% more saves and 49% more shares per day on Zillow Rentals.” The cost of this update usually starts at around $50 but can range up to a few hundred dollars depending on the fixture and how many you’re replacing.

Opting for half circles, fluted, or curved hardware can bring a revamped feel to your kitchen or bathrooms.

They're Adding Open Shelving

Open shelving is not only a practical solution to tight living spaces , but also a great way to showcase decor. Zillow’s research indicates that rentals with open shelving receive 36% more saves per day on its platform. With an average installation cost of $275, this simple upgrade can open up a space and provide a place to show off mementos.

They're Cultivating Green Spaces

Integrating plants into a space not only boosts your mental and physical health but your rental’s value as well: Zillow’s research found that outdoor spaces such as a patio or garden can boost a rental's daily views by 24%.

Adding a low-maintenance plant such as a hanging eucalyptus or a small succulent can liven up the atmosphere without the stress of everyday care. And according to Thumbtack, the average national cost for a window box is $100 to $150 for professional installation and $15-$900 for materials.

They're Revamping the Lighting

A simple lighting upgrade can go a long way in brightening up a rental. Fixtures with LED bulbs not only help illuminate spaces but also improve energy efficiency. Investing in smart lights gives renters the ability to alter the color and brightness of the bulb based on the time of day and can be controlled by an app on the user’s phone.

According to Zillow, smart lights can boost daily saves by 22% and daily shares by 35% on Zillow Rentals. Thumbtack estimates installation costs for these fixtures average around $150 but can vary greatly depending on the complexity and number of installations.

Related: 4 Types of Lighting and How to Use Them in Your Home

They're Installing Peel-and-Stick Wallpaper

Peel-and-stick wallpaper has quickly become a favorite of renters looking to personalize their spaces. While the peel-and-stick option can often be more expensive than paint, it allows renters to uniquely customize their rooms without any long-term commitment. According to Thumbtack, wallpaper installations are up 10% year-over-year. Many people choose to DIY this wallpaper project , but if you go the professional route, expect to spend between $350-$400.

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