Rent-Splitting Services: A Double-Edged Sword

Rent-Splitting Services Emerge Amid Soaring Housing Costs: A Double-Edged Sword As rent prices skyrocket, with a nearly 28% increase over the past five years, renters are turning to services that split their payments and ease the financial burden. These rent now, pay later options, popular among gig workers, function by the company paying the full rent to the landlord upfront, then the renter repays in installments. However, consumer advocates warn of hidden costs, likening these fees to interest on a loan, with rates reaching up to 172%. New options, like Affirms rent-splitting program with no fees or interest, and landlords accepting credit...