Whether by choice or by necessity, 1 million Americans have embraced “solo renting” in recent years — so much so that there are now almost 17 million renters living alone in the U.S.
Austin saw the third-largest spike in renters living alone nationwide. However, this lifestyle comes at a premium for Austinites – not hitting New York levels, but still enough to make them budget carefully.
A new RentCafe study ranks the trending metro areas for solo renters and the places where, financially speaking, it’s easier (or more challenging) to ditch your roommate. It offers a close look at the rise and cost of independent living in Austin:
The number of solo renters in Austin grew by 24% from 114,510 to 141,923 in five years. Currently, they make up 18% of the metro area’s total renter population. This means that many apartment dwellers in the metro are willing to make a financial sacrifice just to have a place of their own.
Nationwide, 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.