The U.S. rental market is as competitive as it's been in decades, and renters are facing a variety of challenges. High demand is keeping vacancy rates near all-time lows and pushing rents up almost as quickly as home prices. Rent prices shot up nearly 17% in the past year, with the typical U.S. rent now at $1,904 per month — the highest Zillow has ever recorded. Zillow shares four tips to help renters save, and even gain a competitive edge, in this historically hot rental market.

Most renters (81%) say finding a rental within their initial budget is the most important factor in choosing a home, according to Zillow's Consumer Housing Trends Report. Before starting their search, renters should know what they can afford and arm themselves with information to feel confident they are getting a fair deal. Zillow's Rent Affordability Calculator can help renters determine their price range, and Zillow's all-new Rental Market Trends tool provides an up-to-date look at their desired market. Renters can search by city or ZIP code, bedroom count and home type, and then view price charts, month-over-month and year-over-year changes, and market temperature. They can even compare the cost of two different markets side by side.

In addition, Zillow's Local Legal Protections tool can help inform renters of their rights. This resource first launched in 2020 to help LGBTQ home seekers understand what legal protections exist under local law, since federal law does not explicitly provide protection against housing discrimination based on LGBTQ status. Zillow has since expanded the tool to share information about local laws that prohibit landlords from discriminating against renters based on the income source they use to pay rent. As rents continue to rise, this tool becomes more pertinent to those who rely on housing choice vouchers for financial assistance to pay their rent.

Next, renters should nail down their must-haves as well as the features on which they are willing to compromise. Zillow's search filters include price, home type, bed and bath preferences, specific pet requirements, in-unit laundry and several other amenity options.

Tools such as Zillow's virtual 3D Tours and interactive floor plans allow renters to narrow down the properties they want to see in person, or help ease their hesitation if applying for a place sight unseen. These features are increasingly important to renters. Forty-three percent of renters surveyed in 2021 agreed they wasted time during their home search visiting properties they would have skipped had they understood the floor plan before visiting the home.i