Goodbye, mom and dad’s basement: Renting alone on the rise among Millennials

Amid rising rental costs and supply not meeting demand in America’s rental market, 16.7 million individuals rent alone.

Renters who live alone must earn an extra $8,600 per year, according to a data from RentCafe.com.

Baby Boomers and Millennials are renting alone the most at 32.4 percent and 29.5 percent, respectively. Few Gen Zers, only 3.9 percent, are renting alone.

The most popular living arrangement has become renting alone in the United States as solo renting has increased by 1.1 million or 6.7 percent in recent years. Renting with a roommate grew by only 324,000 or 5.9 percent. Living with family decreased the most by 3.2 million or down by 4.5 percent.

The highest rise in renting alone has happened in Salt Lake City, followed by Austin, Texas, San Antonio and Charlotte, N.C. Renting alone grew between 20 and 25 percent. Salt Lake City gained 10,000 lonely renters.

Memphis, Tenn. is 12^th in rise of solo renters and No. 13 is Virginia Beach. Washington, D.C. is No. 19.