Covering rental costs is increasingly difficult for young American tenants, as they seek to cope with the high inflation that the country is experiencing, which directly impacts rental costs.
For this reason they are already looking for options to deal with this trend, but in particular, rent increases, so they are already considering additional changes, as indicated by a new survey of Grubb Properties, a real estate agency focused on multi-family rental housing.
The State of Young American Renters Survey polled 1, people who rent between 19 and 35 years to measure their response to the challenging economic environment.
“Young tenants face a real estate market that is extremely limited in terms of supply, which has made it much more hard to find affordable apartments in desirable locations,” said Todd Williams, chief investment officer at Grubb.
About 51% of participants reported who experienced a rent increase last year, with an average increase of 30%. Of these tenants, 7% said they had the resources to cover the increase without changing their lifestyle.
On the other hand, the 54 Remaining % plan to take action or have already done so, primarily by reducing additional purchases. While 54%, looking for a new job or side job, 39% of the participants openly said who are already looking for a new place to rent or live.
The report revealed that one in four, 22%, said he would consider using his credit cards to cover the rent. About one in five, 17%, plan to ask a friend or relative for help with rent.
According to Grubb 17% would consider adding a roommate to help cover costs and 7% consider selling their car. If rents increased to the point that young renters needed to move, they would consider more aggressive measures.
Two out of five, 39 % reported that they would move to a smaller and less expensive apartment, while more than a third 36% made it clear that they could change cities where they can cover the costs without problem. In addition, one in five, 19%, would consider returning home to their relatives.
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