Zillow Adds Rental Listings

December 15, 2009 No Comments »

rent

Another sign of the times…

Zillow announced today that it will now offer rental listings to go along side the millions of homes for sale in its massive database.

Homeowners can now list their properties for rent or for sale, while prospective home buyers can search both rental homes and homes for sale.

Additionally, the company will offer the industry’s first “search by monthly payment” option, allowing home shoppers to specify a certain amount they wish to pay in rent or mortgage.

“In today’s volatile housing market, many would-be sellers are opting to rent for a few years and ride out the market, while many home shoppers are just trying to decide whether to buy or rent,” said Spencer Rascoff, Zillow Chief Operating Officer, in a press release.

“With the launch of rental listings and search, we are arming our more than 8 million monthly users with information, tools and options to make the right housing decisions for them today.”

Zillow compares the monthly cost of owning versus renting side-by-side so prospective buyers can determine more easily what’s best for their unique situation.

The monthly mortgage payment is calculated using that day’s local mortgage rate for a 30-year fixed rate mortgage, assuming a 20 percent down payment.

The company cited a recent survey, which found that 25 percent of respondents who plan to move in the next three years intend to search for both homes for rent and homes for sale.

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