The Zillow Group has launched a new designation for rental properties on its consumer sites of Zillow, Trulia and HotPads, that better identifies properties that have income restrictions. Now, when a renter submits his or her information to the property manager, the renter will be asked if his or her income meets the standard required to rent the property if it has income restrictions attached to the listing.
"Renting is an incredibly competitive market, so when these income-restricted units are coming on to the market, property managers are often being flooded with inquiries - but not all of them are eligible to rent the unit," said Greg Schwartz, Zillow Group chief business officer. "By clearly prompting the renter to acknowledge an income range before he or she submits their information to the property manager, it will reduce the amount of unqualified inquires. Property managers will be able to respond to potential residents more quickly - smoothing the rental process for everyone."
Currently on Trulia, potential renters are able to filter listings by income restrictions, a feature that is expected to be rolled out to Zillow and HotPads, and their corresponding mobile apps, by the first half of 2016. The feature was unveiled today at the first annual Zillow Group Multifamily Forum in front of 500 multifamily professionals in New Orleans, La.