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Solo Renters are on the Rise!

Hallie A • Oct 30, 2023

What does this mean for your investment?

Renting is a common housing arrangement for many Americans, but not all renters like sharing their space with other people. In fact, the number of lone renters is on the rise. Between 2016 and 2021, renters living alone gained about 1 million people, reaching 16.7 million (up 6.7%). That’s the fastest-rising renter group during those five years, having accelerated significantly during 2020.

Baby Boomers and Millennials are the biggest fans of solo renting, while very few Gen Zers are venturing on their own. That’s mainly because living alone comes at a premium cost: To rent an apartment alone, a renter needs an extra annual income of $8,600 compared to the average renter.

Salt Lake City saw the biggest increase in solo renters between 2016 and 2021, while Philadelphia and Indianapolis recorded the largest shares of people renting by themselves.

At the same time, living alone as a renter is easiest (from a financial point of view) in Akron and other places in Ohio.



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