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73 November 2024 J O U R N A L November 2024 » tenants want since, if they decide against buying a property, they might want to improve their existing living areas. Home Renters Dish Out Their Amenity Wishlist A modernized kitchen was the feature that most house tenants mentioned when asked what they would change about their property. Improved energy efficiency and more room (for storage and living areas, such as a finished basement or converted attic) were the next priorities, and they were split almost evenly. Renters may be persuaded by unique spaces that offer luxury, distinctive features, or improved comfort in addition to practicality. When deciding between rental homes that are otherwise compa- rable, these unique locations may be the difference maker. For example, nearly one-third of poll respondents would like a sunroom or roof deck, while over 15% would prefer a greenhouse or a work- shop/craft room sort of area. Home Renters Value Skipping Upkeep and Remain Content in Their Rentals Home renters are nothing if not realistic about their alternatives, despite their desire for renovations. The ideal house rental type is more realistic than idealistic, especially when it comes to property size. The majority of respondents to the study (65.6%) who rent single-family homes do so in detached homes with three bedrooms and two baths. It's interesting to note that renting a similar type of property with the same number of bedrooms and bathrooms was the most frequently suggested combination when questioned about the ideal house size and layout. This implies that a large number of tenants' present living situ- ations roughly match their ideal ones: while they may wish to upgrade, they are generally content with the amount of room they have. Less responsibility is one of the main benefits of renting, especially with all of the upkeep and maintenance that come with owning a home. In light of this, the poll found that over 41% of participants don't find it particularly bothersome when they can't make the renovations or alterations they'd like to make to a single-family rental. Further, some 4% of renters prefer that their contract states that alterations are not permitted because it reduces responsibilities and causes the renter to have less difficulty overall. However, the majority of renters consider that basic kitchen appliances, such as a refrigerator, stove, or dish- washer, are necessities. In fact, an esti- mated 11% of them think that a kitchen appliance update should be sufficient justification for a rent rise. But when it comes to necessities, nothing compares to air conditioning and heating, since 68% of respondents said they are a must. In conclusion, data from the IPUMS Census show that the number of sin- gle-family renter households increased to over 14.2 million last year from 14 mil- lion in 2020. Build-to-rent solutions are filling the void left by the demand. With 45,400 single-family rentals presently in the development phase, 2024 is expected to beat the record 27,500 completions set in the previous year. This rapid expan- sion is a reaction to growing demand, particularly after the pandemic and in light of the current unfavorable market conditions that are excluding an increas- ing number of prospective buyers. HISPANIC HOMEOWNERS REDUCE THE HOME VALUE GAP Z illow has found that Hispanic homeowners have made great strides in narrowing the home value gap with white homeowners over the past two years—regaining ground lost during the pandemic. The gap is now the narrowest ever observed. Hispanic-owned homes are current- ly worth 11.9% less than homes owned by non-Hispanic white households, down from 12.1% last year and a recent high of 12.4% in December 2021. The gap was as wide as 18% in 2012, following the global financial crisis of 2007–2009, when many minority communities were hit especially hard, setting back progress by several years. The slow climb back continued steadily until interrupted in 2021, but the course has now been corrected. "Homeownership stands as a cornerstone for building wealth, yet systemic barriers have unfairly hindered many people of color from acquiring homes valued comparably to those of their white counterparts," said Treh Manhertz, Zillow Senior Economic Research Scientist. "Efforts to improve