53% of U.S. Tenants Face Housing Affordability Crisis

FORT COLLINS, Colo., Oct. 24, 2024 (GLOBE NEWSWIRE) -- A recent study from all-in-one landlord software TurboTenant reveals that over half of renters spend more than 30% of their gross income on rent, meaning they are cost burdened. Though classical wisdom dictates spending no more than 30% of gross income on rent, as cited by industry leaders like Business Insider and Nerdwallet, most renters can’t abide by this advice.

Worse still, 19% of respondents are severely cost burdened, dedicating 50% or more of their income to housing expenses in August 2024. These findings highlight a growing challenge for renters as the average monthly rent has climbed to $1,739 with median rents across the U.S. hitting $2,075, according to Zillow.

“It's frustrating that rents keep going up. I'd like to buy a home—the payments would be significantly cheaper than renting—but I can never hope to save up for a down payment with rent taking up such a huge portion of my income!” said Amber H. of Kansas, who reported paying 40-49% of her income in rent.

To address this mounting issue, TurboTenant partners with Livble, a flexible rent payment solution that empowers renters to take control of their largest expense by breaking it into more affordable installments—while guaranteeing each landlord receives their rent payment on time and in full.

“With over half of renters cost burdened, it’s essential to provide solutions that benefit both sides of the equation. We’re proud that our partnership with Livble improves renters’ financial security while maintaining financial stability for housing providers," said Seamus Nally, TurboTenant’s CEO.

Renters looking to take advantage of TurboTenant and Livble’s partnership should create a free TurboTenant account, then invite their landlord to do the same. Landlords collect rent at no cost through the leading rental property management platform and can easily set up a recurring charge. Then, the tenant should navigate to the “Payments” tab of their account, where eligible renters will see the option to learn more about Livble, and all can set up automatic payments to make rent that much less stressful.

About TurboTenant
More than 700,000 independent landlords across the U.S. enjoy TurboTenant's all-in-one online property management solutions, including rental applications, tenant screening, rent payments, and lease agreements. Please contact [email protected] or visit turbotenant.com for more information.

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