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August 2023 » thefivestar.com 5 August 2023 M T E C H ZILLOW INTRODUCES COST-OF-RENTING SUMMARY TO BRING TRANSPARENCY TO RENTAL EXPENSES Z illow's new Cost of Renting Sum- mary gives renters clear insight into the financial obligations of renting, making it easier than ever to understand the costs involved. According to Zillow's Consumer Housing Trends Report (CHTR), 80% of renters said staying within their initial budget is highly important—more than any other factor in choosing a home. However, many renters may not be aware that their budget needs to account for more than just the monthly rent. Zillow's latest CHTR report shows that the typical security deposit for renters who paid one was between $500 and $999. And for renters who paid an application fee, the typical amount was between $40 and $59. These one- time fees and any ongoing monthly charges can quickly add up, potentially pushing renters beyond their desired budget range. The new feature was recognized by the White House in an announcement outlining President Biden's efforts to lower costs for renters. The administration's commitment to promoting transparent pricing aligns per- fectly with Zillow's mission to bring clarity to renters. "Renters should feel financially confident when applying for an apartment, no surprises included," said Christopher Roberts, SVP and General Manager of Zillow Rentals. "Trans- parency is at the core of our commitment to renters, and tools like the Cost of Renting Summary provide them with the comprehen- sive data to navigate the housing market and discover the perfect home within their budget." The Cost of Renting Summary leverages available data provided by Zillow's multifam- ily partners to preload the tool with infor- mation about monthly costs, such as rent, parking fees, and pet fees, as well as one-time expenses like security deposits, application fees, and administration fees. Now renters can view the total cost of renting a specific unit they are interested in directly on the building's detail page, making it easier to assess affordability. The Cost of Renting Summary is one of many products Zillow offers to create ease, address inequities and help renters save money. Others include: » Universal applications: Zillow offers a streamlined online application process for both renters and housing providers. For a flat fee, renters can use a single form to apply to multiple participating proper- ties on Zillow within 30 days. This saves renters time and money, as they no longer need to pay multiple application fees. The "soft" credit-pull feature allows landlords to check credit without impacting renters' credit scores. » Fair housing resources: Rental listings on Zillow display available local legal protections, such as source-of-income and LGBTQ+ anti-discrimination laws. This ensures that renters are aware of their rights and helps housing providers under- stand their legal obligations. » Anti-discrimination tools: Zillow utilizes technology to screen new rental listings and filter for discriminatory content based on federal, state, and local fair housing laws, including source-of-income and other anti-discrimination laws. » Housing Connector: Zillow has partnered with Housing Connector to connect clients experiencing homelessness with available and affordable rental housing. This pro- gram has created a network of more than 73,000 rental units and has housed 5,000 people since its launch in 2020. » Help for renters to unlock homeown- ership: Zillow displays down-payment assistance information on eligible for-sale home listings to help renters in their jour- ney toward homeownership. A feature for veterans allows them to search for condos that accept Veterans Affairs loans, expand- ing affordable homeownership options. Zillow also provides buyers with an easy- to-use affordability calculator found on the Home Loans tab on Zillow's homepage, helping them determine their budget and connect with a loan officer to assess both their qualified mortgage amount and what they're comfortable paying. HOW CRYPTOCURRENCY MAY TOKENIZE THE MORTGAGE INDUSTRY A ccording to a study from First American, cryptocurrencies, non-fungible tokens (NFTs), and tokenization may have lost their popular title due to the high-profile fall from grace of FTX founder Sam Bankman-Fried and ongoing turbulence in the valuation of cryptocurren- cies. However, many Americans are watching where, and if, the tokenizing of non-fungible assets should be applied to other industries. AT THE FOREFRONT OF MORTGAGE TECHNOLOGY