Renting a place to live can be a daunting task, especially for those on a tight budget. High rental costs can put a strain on finances, leaving little money for other expenses. However, there is a solution to this problem - rent splitting. Rent splitting companies, such as Flex, Till, and Rent Advance, offer services that allow you to divide your rent into smaller, more manageable payments. This means you can spread the cost of your rent over a longer period of time, making it easier to budget for other expenses.
The Rising Cost of Rent and Income Inequality
According to data from the US Census Bureau, the median gross rent in the United States has increased by over 25% in the past 20 years, while median household income has only risen by about 15%. This disparity in growth rates means many people are struggling to keep up with rising rent payments. In fact, a recent report from the National Low Income Housing Coalition found that the average renter in the United States would need to earn $22.10 per hour to afford a two-bedroom apartment at fair market rent.
The Advantages of Rent Splitting
Rent splitting companies not only help reduce the financial burden, but also provide more flexibility in living arrangements. With rent splitting, you can afford to live in a nicer place or in a more desirable location that you may not have been able to afford otherwise. Additionally, these companies help to build credit scores and avoid late fees and penalties by ensuring rent payments are made on time. They also offer services such as rental guarantee and deposit assistance.
Overall, rent splitting with companies like Flex, Till, and Rent Advance can be a great way to make renting more affordable and manageable, especially with rising rent costs and income not keeping pace. It can also improve the quality of life by providing more flexibility in living arrangements and credit score building opportunities. If you're struggling to afford your rent, consider reaching out to one of these companies to see if rent splitting is right for you.