Millenials Willing to Pay Higher Rents

hamilton-zanze May 14, 2015

Over half of millennial renters are willing to spend as much as $150 more each month to stay in an apartment they love, according to a recent survey by Rent.com.

Although 57% of respondents ranked affordability as the most important factor in choosing an apartment, 55% said they would pay a $150 monthly rent increase once they settled, while 24% would be willing to pay $400 more per month to keep their desired unit.

Despite being willing to pay more, millennial renters may not have the means. The survey reported 22% of millennials are spending up to 40% of their annual income on rent, while 12% spend up to 50% of their yearly salary on their apartment. More than 39% reported accepting financial help to afford their cost of living, with 24% relying on their parents for additional support, 9% receiving government aid, and 6% depending on others.

Despite the recent media discussion of graduates moving back home, of the 44% who reported planning to move again this year, only 3% said they planned to live with their parents.

Other survey findings include:

Over 27% of millennials put apartment size and/or building amenities at the top of their apartment wish list.
70% of millennial renters have at least one roommate, no matter their annual income.
85% of millennial renters either do not care, are indifferent toward, or are unaware of the 2007 housing market crash.
78% of millennial renters are planning on staying renters with their next move.