- Rents are surging across the US, and single renters are feeling extraordinary pressure.
- In some cities, the median one-bedroom rent is nearly as high as the median two-bedroom cost.
- That leaves single renters less able to live on their own and more reliant on splitting rent with others.
Finding a deal on an apartment in 2022 is hard. Finding one for a one-bedroom unit is even harder. And renting an apartment if you're single and don't want roommates is a financial ordeal.
The premium to live in a one-bedroom unit differs dramatically around the US, but in some cities, the gap between one-bedroom and two-bedroom rents is extremely small. The rental market is looking less and less accessible for people who want to live alone in a country where adults are staying single for longer.
To get a sense of which cities have the worst penalties for single renters, Insider used data from apartment rental site Zumper to compare typical rents for one-bedroom and two-bedroom apartments. Cities where one-bed rents are almost as high as two-bed rents could pose a financial hurdle for anyone looking to rent their own place without a roommate or partner.
Here's how the median one-bedroom rent compares to that of a two-bedroom in 100 US cities, according to data from Zumper:
As seen in the table below, the median one-bedroom rent in Cleveland, Ohio is pretty close to that of a two-bedroom:
Other cities are also expensive for single adults seeking to live in a one-bedroom. The median one-bedroom rent in San Francisco, California was $2,850. That is 72.5% of the median two-bedroom rent in the same city. Of the 100 cities, Minneapolis, Minnesota had the lowest median one-bedroom rent as a percentage of the median two-bedroom rent at 68.4%.
Kate Mannelly is staring down that very problem in Boston. The 29-year-old teacher is preparing to move into a one-bedroom apartment, but prices are nearly the same as what she currently splits on a two-bedroom unit with her sister. As prices continue to skyrocket, the prospect of one's own apartment feels practically unattainable, Mannelly told Insider.
"I do feel like the renting industry really caters toward couples, and those who are sharing one room and can split rent," she said. "What does that mean for the rest of us that are not in a relationship, or not splitting one bedroom with a partner? It feels like they completely neglect this other market, or forces it to really have to downgrade."
Based on data from Zumper, the median one-bedroom rent in Boston was $2,720, or 86.3% of the median two-bedroom rent in the city.
The entire rental market is running white-hot. The median one-bedroom rent rose to $1,374 in January, according to Zumper's national rent index, marking a 12% jump from the prices seen just one year ago. Gone are the pandemic deals of early 2021. Rents in major cities are either back at all-time highs, or quickly on their way to setting new records.
The country's median two-bedroom rent boomed as well, climbing 14.1% year-over-year to $1,698, according to Zumper. Yet the measure rose just 0.2% over the past month, marking the smallest increase in a year. Conversely, the median one-bedroom rent snapped a four-month streak of steadily slowing price growth. Where two-bedroom rent inflation is easing, one-bedroom prices are surging all over again.
It's not just one-bedroom rents holding single adults back. Unpartnered Americans tend to be worse off economically compared to married couples and cohabitating partners, Insider's Juliana Kaplan reported in October, citing a report from the Pew Research Center. Single men and women have lower earnings on average than partnered adults, and are generally less likely to be employed. They're also far more likely to be financially vulnerable, according to the report.
The news isn't all bad for single Americans. The US is already past the peak of the rent rally, Goldman Sachs economists said in a recent note. Price growth is forecasted to slow through 2024 as the effects of pricey new leases stop bleeding into continuing leases.
Still, the economists only see growth slowing, not reversing. Rents will keep climbing across the country, and with the supply of available homes sitting at record lows, apartment demand is poised to hold strong.