Solo renting is on the rise in the City of Brotherly Love and around the country where 16.7 million renters are currently living alone. The latest report from RentCafe.com highlights the metros where this renter segment is thriving and uncovers the easiest and toughest places for people looking to rent on their own.
Philadelphia experienced a 13% increase in lone renters in recent years. However, this lifestyle choice comes with financial sacrifices.
Here are the highlights for Philadelphia:
- Solo renting is trending in the metro and the number of people renting alone reached 352,430 in 2021, up from 312,850 in 2016.
- Those lone renters, either by choice or necessity, now make up 20% of Philadelphia‘s total renter population, even though this type of living arrangement comes at an extra cost.
- For Philly apartment-dwellers, this means an extra income of $705 per month compared to the average renter.
- By contrast, renters in Pittsburgh need an extra $282 per month to make the move and live alone (2.5 times less than in Philadelphia). Moreover, the Steel City ranks as the #2 metro in the U.S. where it’s easiest to rent alone.
- At the other end of the spectrum, in nearby metros like New York, solo renters have to budget an extra $1,153 per month, while in Washington D.C., the premium reaches $1,548 — the nation’s 4th metro where renting without a roommate is the most challenging.