What’s the hottest trend in real estate? Here’s one you may not be hearing much about: Cash-strapped Millennials are looking for roommates.
Rising rents are a big reason behind this trend. In August 2016, the national median price to rent a two-bedroom apartment was $1,300 versus $1,120 for a single bedroom. Of course, prices vary by city and region. A place in San Francisco will cost far more than that, while an apartment in small-town America can be had at a fraction of that cost.
In any case, when you consider that the percentage of people who are living with a spouse or romantic partner is at an all-time low of 35 percent, it’s easy to see why roommates are an attractive option for this large, influential generation. If you look at the average rental price, you can enjoy savings of 40 percent or more. Plus, with a roommate, you can pool personal property like couches and televisions and share the costs of supplies and other expenses.
Before you get a roommate, it’s important to go into the search with your eyes wide open. After all, you’re about to intertwine your life with someone else’s, and it takes some foresight, empathy and ground rules to pull it off. The following posts will help you navigate each turn.
- The pros and cons of having a roommate: It’s good to know what you’re getting into ahead of time so you aren’t surprised and annoyed when reality sets in.
- How to find a roommate: Most people start with an online ad. Yet there are some other strategies for working your network before you team up with a stranger. These tips will help ensure that any potential roommate will be safe and enjoyable to live with.
- Things to discuss before living together: It’s a good idea to hash out expectations about chores, visitors, work schedules and more.
- How to avoid conflict with your roommate: Now that you and your roomie are all unpacked and settled in, here are some tips to keep your home in harmony.
- What kind of roommate are you? A simple five-question quiz will give you an idea of roommie you are.
These posts will help you find and live with a roommate who will keep your home life the way you like it: peaceful and pleasant. Let’s get started.