How young people can reduce the rent for an apartment

Фото: Depositphotos

For most millenialov rental apartments - too expensive. High rents in expensive cities — including Miami — mean not only less living space, but also less privacy costs.

Trulia's real estate website has released a report that shows that the generation from 18 to 35 years is ready to give up living space to save money. Today, 60% of young people live with their parents, relatives or roommates, which has reached an all-time high in 115 years.

Here's how to save on rent.

— A typical renter can save 13% of their income by sharing a two-bedroom apartment with a roommate instead of renting a one-bedroom apartment alone. Millennials in Miami are not so lucky, although it is the only city where sharing a 3-bedroom apartment with a roommate does not reduce rent below 30% of income. However, if you live in a 3-room apartment with two neighbors, housing costs will be 30% of your income.

— A typical renter in Miami will spend almost 50% of their income on rent for a 1-bedroom apartment, while a millennial will spend 54% of their income on rent. This is the highest rental cost compared to New York, Los Angeles and Boston.

— Expensive rent allows you to save the most by sharing an apartment with someone else if you don't live in Miami. For example, in New York, renters can reduce their costs by up to 51,8% if three people live in a 3-room apartment, rather than renting a 1-room apartment separately. In Miami, if the three of you share a 3-bedroom apartment, you'll pay 39,6% of your income on rent.

— Renting continues to take a large chunk of millennials' income, especially in 12 cities where young people spend more than 30% of their median income on renting a one-bedroom apartment. The only solution is to find neighbors and live with them to reduce the rent.

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