Solo Renters on the Rise Despite High Housing Costs

According to an article by Veronica Grecu on RentCafe, the number of solo renters in the United States 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,” the article notes.

Among these, Baby Boomers and Millennials make up the largest share, with Gen Z renters lagging behind due to high housing costs. “To rent an apartment alone, a renter needs an extra annual income of $8,600 compared to the average renter.”

Of U.S. cities, Salt Lake City saw the highest rise in solo renters during this time period, while Philadelphia and Indianapolis have the highest raw numbers of renters living alone. The most affordable places to rent alone are Akron and other Ohio cities.

“On the other hand, renters living with roommates saw a different pattern: They peaked at 6.3 million in 2019, and only partially bounced back to 5.8 million after the pandemic. Meanwhile, people living with family in rented apartments dropped from 71.3 million in 2016 to 68.1 million in 2021.” Millennials remain the dominant renter age group—29.5 percent—despite the fact that a majority of that generation are now homeowners.