Renting alone, while often considered unaffordable and unattainable, has actually grown in recent years. Between 2016 and 2021, solo renting grew by about 1 million people, reaching 16.7 million (up 6.7%).
RentCafe’s latest report looked at trends in the rental market, specifically surrounding solo renters. The report found that solo renting has become the fastest-rising renter group during those five years, having accelerated significantly during 2020.
Key highlights:
- Baby Boomers make up the largest population of renters living alone (32.4%, or 5.3 million), whereas just half a million share their rental home with a roommate.
- Next, about 4.8 million Millennials are opting for solo living arrangements, either by choice or by necessity. Millennials represent 29.5% of Americans renting by themselves.
- Gen X represents 3.5 million solo renters enjoying privacy at home as hybrid work (and loneliness) persists. They are followed by the Silent Generation (totaling 2.1 million solo renters), and Gen Zers, with 640,000.
- Salt Lake City, Utah, saw the biggest increase in the share of renters living alone between 2016 and 2021 among all metros analyzed — up by as much as 24.9% for a total of 50,265 renters. That said, lone renters here account for 15% of the metro’s entire population of renters.
- Next comes McAllen, Texas, where the share of lone renters grew 24.2% to a total of 19,579 in 2021, or 8% of the metro’s renter population.
- Third, solo renters in Austin, Texas, grew 23.9%, from 114,510 to 141,923 in five years. With that, this category now represents 18% of the city’s population of renters.
- Ohio claims four spots among the top 10 metros where it’s easiest on the wallet to live as a solo renter.
- Akron, Ohio, is the nation’s best metro for lone renters (who earn an extra $261 per month compared to regular renters). More precisely, those renting in Akron alone have an average annual income of $30,520, while the average renter makes $27,384 per year.
- Likewise, Pittsburgh, Pennsylvania, is the #2 metro where it’s easiest to rent alone. Making up more than 25% of the city’s population of renters, those renting alone in Pittsburgh have an average yearly income of $36,706. That’s just $3,382 (or 10%) more than what regular renters make per year.
- In Providence, Rhode Island, renters living without roommates represent 20% of the metro’s renter population. On average, their annual income is $36,354, which is 13% higher than a regular renter’s income in the area. This means that lone renters in Providence make an extra $4,380 per year, or $365 per month.
For the full report, click here.
