Rent prices are forcing romantic partners to shack up quicker than they normally would.
A new report from Realtor.com® and HarrisX showed that 63% of people surveyed said their decision to move in with a romantic partner was influenced by finances.
This is unsurprising since listed rents across the country for available increased 15% from 2021, with the average rent price being above $2,000 a month across the county. NPR reported that rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.
“Living with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship,” said Clare Trapasso, executive news editor, Realtor.com® in a news release. “While the idea of splitting the rent or mortgage can be very attractive, it’s important to have tough conversations with your partner and think through how living together will work before you take the plunge.”
The report showed that younger respondents were significantly more likely to be persuaded by money with 80% of Gen Z and 76% of Millennials saying that one or both of these things were a factor in moving in with a romantic partner.
About 20% of those surveyed said they save $501 – $1,000/month due to split costs with their live-in partner.
“When you’re renting or purchasing real estate together, it’s important to make sure you’re both financially protected,” said Trapasso. “For example, if you’re buying a home together as an unmarried couple, it may be a good idea to chat with a real estate attorney first to figure out what would happen with the home in the event that you broke up.”