• Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Nexudus - Tech Stack Lovers
Home News Work-life

Record-High Rent Hikes Show Work Doesn’t Guarantee Affordable Income

In 2021, rent grew 10% from pre-pandemic levels, with the median cost of rent in the U.S. coming to $1,037 per month.

Aayat AlibyAayat Ali
September 21, 2022
in Work-life
Reading Time: 3 mins read
A A
Record-High Rent Hikes Show Work Doesn’t Guarantee Affordable Income

For recent college graduates, affordability isn’t a guarantee. 

Education no longer offers the promise of finding a place to live within their income bracket, and in fact, it may be harder than ever for young workers to afford rent. 

Advertisements
Maximize Flexible Space Revenue

In 2021, rent grew 10% from pre-pandemic levels, with the median cost of rent in the U.S. coming to $1,037 per month. This means that workers must make an annual salary of around $40,000 in order to afford rent. 

As wealthy individuals fled cities in search of wide open spaces during the pandemic, rents plummeted in what became lower and middle-class renters’ dream.   

Advertisements
Maximize Flexible Space Revenue

However, as the world attempts to rebound from the throes of the pandemic, those privileged workers have returned to cities, much to the delight of mouth-watering landlords.  

“It’s a remarkably hard and privileged thing to be able to get even just the cheapest apartment on the market right now here,” said Caleb Seamon, a recent college graduate who delivers for Uber Eats in addition to working a full-time job. 

With landlords continuing to hike up rent, it’s no wonder that finding a place to live has become increasingly challenging.   

Even some of the most inexpensive large cities are feeling the brunt of rent increases.  

For 22-year-old Skyler Lee, paying $1950 a month in rent for a two-bedroom apartment in Austin seemed reasonable. However, soon after signing the year-long lease, other apartments in her building were listed for $2,400 — which will likely impact her lease renewal. 

Advertisements
Nexudus - Tech Stack Lovers

These rent hikes visibly impact Millennials and Gen Z, who have faced the bulk of economic uncertainty since they both entered the workforce. This grows tenfold when considering renters who are people of color.  

With the threat of a recession looming over and less people purchasing homes, rents are expected to continue climbing and the affordability crisis could still be in its infancy.


Prepare for the Future of Work – straight to your inbox, for free.

* indicates required


We take your privacy seriously, your e-mail is safe with us.


More stories for you

Why Full Occupancy Is No Longer A Flexible Workspace Bragging Point

Why Full Occupancy Is No Longer A Flexible Workspace Bragging Point

4 days ago
JPMorgan Faces Quantifiable Morale Drop Following Return-to-Office Mandate

JPMorgan Faces Quantifiable Morale Drop Following Return-to-Office Mandate

6 days ago
New Report Warns Boston Office Values Could Drop 45%, Cost the City $1.7 Billion

New Report Warns Boston Office Values Could Drop 45%, Cost the City $1.7 Billion

7 days ago
U.K. Businesses Could Gain £32.5 Billion Annually From Workplace Volunteering

U.K. Businesses Could Gain £32.5 Billion Annually From Workplace Volunteering

7 days ago
Advertisements
Subscribe to the Future of Work Newsletter
Source: Reuters
Tags: CREWork-life Balance
Share6Tweet4Share1
Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

Other Stories Recommended For You

Why Full Occupancy Is No Longer A Flexible Workspace Bragging Point
Coworking

Why Full Occupancy Is No Longer A Flexible Workspace Bragging Point

byEmma Ascott
4 days ago

Coworking success now hinges on engagement, not just occupancy or desk count.

Read more
JPMorgan Faces Quantifiable Morale Drop Following Return-to-Office Mandate

JPMorgan Faces Quantifiable Morale Drop Following Return-to-Office Mandate

6 days ago
New Report Warns Boston Office Values Could Drop 45%, Cost the City $1.7 Billion

New Report Warns Boston Office Values Could Drop 45%, Cost the City $1.7 Billion

7 days ago
U.K. Businesses Could Gain £32.5 Billion Annually From Workplace Volunteering

U.K. Businesses Could Gain £32.5 Billion Annually From Workplace Volunteering

7 days ago
Advertisements
Yardi Kube automates flex and coworking operations
Advertisements
Nexudus - Tech Stack Lovers

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00