In 2022, 41% of renters spent more than 35% of their income on rent. As rental and living costs rise, wages are struggling to keep up. Living in a major city is exceptionally expensive, so most young professionals live in older apartments farther away to save money. With so much spent on rent, it’s unfathomable for younger generations to even think about purchasing their own homes.
But what if there was a way to live in a new apartment and save 30%-40% on rent? Furthermore, the rent includes utilities, regular cleaning, furniture, and community events. Sounds too good to be true? It’s real, it’s called co-living, and it’s on the rise.
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BiggerPockets Daily