New York City rents have been on a rollercoaster in recent years, but some are in for a harsher ride than others.
Single renters in the city are paying $19,500 per year more as the sole occupants of their one-bedroom apartment, according to Zillow data. In Manhattan, that number skyrockets to $24,000.
The costs for single renters in the five boroughs far outpace the national average of sole habitants’ additional costs of nearly $7,000, compared to those who co-habitate. The “singles tax” was calculated by dividing a year’s rent in half, which shows how much a partner or roommate would pick up if the tenant didn’t live alone.
San Francisco and San Jose rank second and third in higher cost burdens for single tenants, respectively.
The outlook is rosier for those in the Midwest. Among the country’s 50 largest cities by population, Detroit and Cleveland have the least onerous single tax in the nation. Still, single renters are paying more than $4,300 each year in each of those cities.
Overall, cohabitating tenants — which can be partners or plain old roommates — are saving $14,000 a year compared to those who live alone. In the most expensive cities, such as New York, those savings can skyrocket up to $39,000.
And yet, the savings of living with someone else may not be enough for some renters to avoid the allure of living by themselves. A StreetEasy report published last year said demand for studios and one-bedroom apartments in New York City outpaced interest in larger apartments, despite the additional cost.
“I’m seeing people want to live alone and also they’re looking for larger apartments,” Coldwell Banker Warburg broker Adjina Dekidjiev told The Real Deal. “People are more willing to spend more on rent right now and change their lifestyle a bit to get a bigger, better apartment with more amenities.”