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Monday, February 26, 2024
CEOWORLD magazine - Latest - CEO Agenda - Major U.S. Cities Where Renters Want to Live Alone

CEO Agenda

Major U.S. Cities Where Renters Want to Live Alone

millennial

CEOWORLD magazine reports that in 2022, the number of single occupants renting increased to 1.5 million more than in 2020, a 7.5 percent boost, making solo renters the fastest-developing rental group. Despite the many perks, such as the ability to customize the living environment and freedom to use shared spaces, associated with living alone, it’s often accompanied by a hefty financial cost. CEOWORLD magazine’s survey of 260 American cities showed a 5.9 percent increase in tenants sharing homes with roommates, while those living with relatives dropped by 4.5 percent. From 2020 to 2022, Salt Lake City was the city with the most increase in solo renters, an increase of 10,000 people, representing a 25 percent growth.

There’s a noticeable inclination towards more economical living among solo renters, who take on all the expenses associated with rent, groceries, utilities, and other household costs, even when they can get a decent single-bedroom or studio apartment. This is especially true in places with lower cost of living.

The following are the cities where solo-renter populations experienced the most rapid growth:

  1. Salt Lake City, Utah
    Change in solo renters 2020–2022, by number: 10,050
    Change in solo renters 2020–2022, by percentage: 25 percent
    Share of total renter population: 15 percent
  2. McAllen, Texas
    Change in solo renters 2020–2022, by number: 4,560
    Change in solo renters 2020–2022, by percentage: 23 percent
    Share of total renter population: 8 percent
  3. Austin, Texas
    Change in solo renters 2020–2022, by number: 27,400
    Change in solo renters 2020–2022, by percentage: 22 percent
    Share of total renter population: 18 percent
  4. San Antonio, Texas
    Change in solo renters 2020–2022, by number: 22,800
    Change in solo renters 2020–2022, by percentage: 20 percent
    Share of total renter population: 15 percent
  5. Charlotte, North Carolina
    Change in solo renters 2020–2022, by number: 22,300
    Change in solo renters 2020–2022, by percentage: 19 percent
    Share of total renter population: 16 percent
  6. Fresno, California
    Change in solo renters 2020–2022, by number: 6,950
    Change in solo renters 2020–2022, by percentage: 18 percent
    Share of total renter population: 9 percent
  7. Jacksonville, Florida
    Change in solo renters 2020–2022, by number: 12,700
    Change in solo renters 2020–2022, by percentage: 17 percent
    Share of total renter population: 16 percent
  8. Albuquerque, New Mexico
    Change in solo renters 2020–2022, by number: 7,890
    Change in solo renters 2020–2022, by percentage: 15 percent
    Share of total renter population: 19 percent
  9. Dallas, Texas
    Change in solo renters 2020–2022, by number: 55,600
    Change in solo renters 2020–2022, by percentage: 14 percent
    Share of total renter population: 15 percent
  10. Raleigh, North Carolina
    Change in solo renters 2020–2022, by number: 10,500
    Change in solo renters 2020–2022, by percentage: 12 percent
    Share of total renter population: 16 percent

Detailed findings & methodology: CEOWORLD magazine put together a panel of experts to go over data points culled from virtually every reputable news media outlet, including Bloomberg, The New York Times, The Wall Street Journal, The Economist, The New Yorker, Associated Press, Reuters, NPR, USA Today, CNN, NBC News, CBS News, ABC News, The Washington Post, CEOWLORLD magazine, Financial Times, Businessweek, Fortune magazine, Forbes magazine, and more. Based on a consensus from these sources, the final decision for the ranking was judged editorially. All data is for the most recent period available. Some weren’t included in the official statistics for various reasons, primarily due to the lack of necessary data. Remember, these values and fluctuations are estimations based on multiple variables and publicly available documents. The margin of sampling error for the entire data sample is plus or minus 1.2 percentage points. In addition to sampling error, one should bear in mind that, as in all survey research, there are possible sources of error—such as coverage, nonresponse, and measurement error——that could affect the results.


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CEOWORLD magazine - Latest - CEO Agenda - Major U.S. Cities Where Renters Want to Live Alone
Deepankar Shyam
Global Breaking News Editor at the CEOWORLD magazine, helping lead the direction of the bureau. I'm a veteran digital storyteller with a record of creating best-in-class content and commerce experiences. I work with our reporters and columnists to develop story ideas, edit their work and coordinate with various other bureaus on coverage. I also have broad industry experience managing and leading change while consistently exceeding readership goals and company expectations.