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☆ 'If your parents are homeowners, you're more likely to be a homeowner,' housing expert says. Here's why
▼ + stars: | 2024-02-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

If a parent is a homeowner, they are more likely to assist with their kid's down payment, she said. But it's harder for those with parents who are not homeowners: "Renter households are often precluded from bringing more people into their home. Having homeowner parents is 'like a 5 percentage point bonus'Young adults with homeowner parents are more likely to become homeowners themselves because they can obtain more information about the mortgage application process directly from their parents, the Urban Institute found. "Because the parents are so knowledgeable about homeownership, they're more likely to encourage their kids to do it and show them how to do it," Myers said. "It's like a 5 percentage point bonus by having parents who are homeowners."

Persons: Skylar Olsen, Myers, that's, Zers, Intuit Credit Karma, Wachter Organizations: Digitalvision, Getty, National Association of Realtors, Urban Institute, Intuit Credit Locations: Washington ,

☆ 1 in 4 New York City Children Now Lives in Poverty
▼ + stars: | 2024-02-21 | by ( Stefanos Chen | ) www.nytimes.com time to read: +2 min

It differs from the U.S. census’s official poverty measure, which only counts cash resources, but the supplemental measure is also widely used by government. In 2022, under the supplemental measure, a family of New York City renters with two children was considered below the poverty line if it made less than about $44,000. Why It Matters: The City’s Economic Recovery Is UnevenThe rise in poverty underscores wide disparities in New York. A major reason for the disparities is the lopsided jobs recovery, said James Parrott, the director of economic and fiscal policy at the Center for New York City Affairs at the New School. The median household income in New York City is about $75,000.

Persons: Christopher Wimer, “ It’s, Wimer, “ we’re, James Parrott, Parrott, Charles Lutvak, “ Organizations: Poverty, Columbia University, Center, New York City Affairs, New Locations: New York, New York City

☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

☆ Renters facing eviction have a higher risk of death, and mortality surged during Covid-19 pandemic, study finds
▼ + stars: | 2024-02-20 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +8 min

The general population also experienced excess mortality during this time, but the risk started higher for renters and rose exponentially for those threatened with eviction. From January 2020 through August 2021, the risk of death for renters facing eviction was 2.6 times greater than it was in the general population, the study found. During the baseline period of 2010 to 2016, the mortality rate was 1.4 times higher for renters facing eviction than it was for the general population. Another study from December explored the risk between rising rent costs and mortality risk. Eviction filings were down 45% during the first two years of the pandemic, according to the new study.

Persons: ”, Nick Graetz, it’s, It’s, Jack Tsai, ” Graetz, Katie Derrick, Jesse Tree, Derrick, Tsai, moratoriums –, Jesse, “, Dr, Sanjay Gupta, Steven Furr, we’re, Furr, what’s, ” Tsai Organizations: CNN, Census, UTHealth Houston School of Public Health, US Department of Veterans Affairs ’, Homelessness, ”, CNN Health, American Academy of Family Physicians, “ Locations: Princeton, United States, Boise , Idaho, Jesse Tree, Idaho, Alabama

☆ Why it’s so hard to find an apartment you can afford
▼ + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.

Persons: Maria Torres, ”, Orphe Divounguy, “, that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas

☆ 3 signs the economy is thriving — and 3 red flags to monitor
▼ + stars: | 2024-02-15 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +10 min

Positive labor market data and GDP growth support this, but job opportunities in some sectors are down. Not all job data is positive, with job openings falling from their post-pandemic highs. Below are some of the signs the economy is thriving, as well as some warning signs. Labor market data is mostly positiveThe labor market is still stable despite gradually slowing, Kimbrough said during the forum. "I think the investment side of our economy is going to start to chip away a little bit at the discretionary consumption weight in our economy."

Persons: —, Marc Giannoni, LinkedIn's Karin Kimbrough, Charles Schwab's Liz Ann Sonders, Giannoni, Kimbrough, Jerome Powell, Powell, NerdWallet's Elizabeth Renter, Sonders, They're, there’s, there's, — Kimbrough, it’s Organizations: Federal, Service, Barclays, NYU Stern Economic, Labor, Conference, University of Michigan's, Market Committee, Health, New, New York City Housing Locations: York, New York City

☆ Living alone comes with a 'singles tax'—here's how much it can cost you
▼ + stars: | 2024-02-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The "singles tax" for living alone can add up to thousands of dollars each year, a new study by real estate marketplace Zillow finds. Unsurprisingly, it's highest in New York City. The extra $20,100 that New York City solo dwellers pay in "singles tax" is more than double the national average of $7,110, per Zillow data. In New York City, the average rent for a one-bedroom apartment is $3,350, which is 2.8 times the average rent across the U.S., according to Zillow. To calculate average rent prices in 2023, Zillow used a combination of U.S. Census data and its own rental listings.

Persons: Kenny Lee, Lee, Zillow Organizations: Apple, New York, Denver, Zillow, CNBC Locations: New York City, Francisco, Jose , California, Washington, Boston, Diego, Seattle, Atlanta, Angeles, U.S, York City, New York, StreetEasy

☆ The 10 big US cities with the worst 'singles tax' on renters living alone
▼ + stars: | 2024-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The "singles tax" for solo renters has increased to an annual average of $7,110. New York City has the highest singles tax among major cities analyzed in a recent Zillow analysis. Zillow crunched the numbers on what's called the "singles tax," or how much more singles are paying to live alone without a partner or a roommate. AdvertisementZillow published what the singles tax looks like in several major cities. As seen in the table below, some of the places with high singles tax are also places where it's already costly to live.

Persons: Emily McDonald, —, valentine, Zillow, what's, McDonald, it's, haven't, It's Organizations: New, Service, New York, San Francisco Locations: New York City, York

The number of affordable units — with rents under $600 — also dropped to 7.2 million that year, 2.1 million fewer than a decade earlier. Photos You Should See View All 45 ImagesThose factors contributed to a dramatic rise in eviction filings and a record number of people becoming homeless. "It just hits you like, ‘This is for nothing.’"In Auburn, Massachusetts, pervasive rent hikes have already hit the last bastion of affordable housing. Just off an interstate alongside a pond, residents at the American Mobile Home Park face rent increases upwards of 40%. The group Lawyers For Civil Rights has sent a letter to the landlord accusing it of “unconscionable rent increases," and failing to provide critical services like adequate garbage and snow removal.

Persons: Caitlyn Colbert, Colbert, “, ”, —, Whitney Airgood, Obrycki, ” Colbert, haven’t, Amy Case, Ann Urbanovitch, Zach Neumann, Monique Gant, Gant, Nick Graetz, ” Graetz, Chris Herbert, Jared Polis, ___ Casey, ___ Organizations: DENVER, Harvard Joint Center for Housing Studies, Harvard, Habitat, Humanity, American Mobile, Civil Rights, Associated Press, Colorado Judicial, Community Economic Defense, Princeton, ”, Colorado Gov, America Statehouse News Initiative, America Locations: Denver, U.S, ”, Auburn , Massachusetts, Colorado, Washington, Massachusetts, Boston

☆ 18 million rental units are at risk as climate disasters get more common, Harvard study says
▼ + stars: | 2024-02-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

More than 18 million occupied rental units are exposed to climate-related risks, Harvard's Joint Center for Housing Studies said in a new study. This could strain rental stock supply, boost prices, and cause a jump in evictions. Specifically, about 18.2 million units are at risk of substantial loss damage, whether from hurricanes, wildfires, floods, earthquakes and similar hazards. "Notably, newer rental units are much more likely to be vulnerable to weather- and climate-related hazards. US rental supply is now at its oldest level ever, with millions of rental units deficient in some form.

Persons: It's, DeltaTerra's Dave Burt Organizations: for Housing Studies, Service, Harvard's, NOAA National Centers for Environmental, Street Foundation

☆ 3 ways real-estate investors can sidestep high mortgage rates when buying a new rental property, according to BiggerPockets' housing market expert
▼ + stars: | 2024-02-02 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

While 30-year mortgage rates have come down by more than a full percent to around 6.6%, they're still significantly more elevated than their 2021 low of less than 3%. Lower mortgage rates mean higher cash flows and a higher likelihood for appreciation, which is good for strategies like flipping. But there are ways for real-estate investors to get around higher rates, Meyer says. This means asking the seller if they can provide a cash payment that effectively lowers mortgage rates for the first few years of ownership. Given that rising mortgage rates have largely killed demand in the housing market, buyers have had more success recently getting deal-sweeteners like rate-buydowns, according to research from Redfin.

Persons: they're, Dave Meyer —, —, Molly Grace, Meyer, Welborn Organizations: Business

☆ Renters on a budget should look in these 27 cities where apartment prices are plunging
▼ + stars: | 2024-01-28 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

One-bedroom rent rose by less than 1% for the fifth-straight month after rising for 12 consecutive months starting in October 2021. Rent growth in the US is far from its pandemic peak, according to the January rent report from @Zumper. pic.twitter.com/3QhWPCyaUp — James Faris (@JamesFaris_) January 25, 2024Apartment prices have been driven down by surging supply, Zumper noted. Many renters are now enjoying perks that would've been unheard of during the pandemic, including waived security deposits and a free month of rent, Zumper found. Below are 27 metropolitan areas where the going rental rate for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper.

Persons: 3QhWPCyaUp — James Faris, @JamesFaris_, Zumper, Anthemos Georgiades Organizations: Business Locations: @Zumper

☆ A New Yorker who invests in out-of-state real estate shares how she selects strong markets, where she's looking to buy in 2024, and property must-haves: 'I'm looking for three bedrooms minimum'
▼ + stars: | 2024-01-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

'Look for the really ugly houses'Especially if you're investing out-of-state or in an unfamiliar area, "your biggest asset is other agents," said Casey. "You have to go to the block or know someone who knows the market really well." But that's not necessarily what you're looking for as an investor. "When you're looking for an investment property, you're looking for something really under market that you can renovate." Ask, 'Would this work for a tenant in the market you're investing in?'"

Persons: Nyasia Casey, I've, Casey, Baltimore Casey, David Shvartsman, she's, wouldn't, fourplexes, She's, I'm Organizations: Business, Amazon FBA, Yorker, Baltimore, Agents, YouTube Locations: New York City, Baltimore , Maryland, Cleveland, Philadelphia, Baltimore, NYC, New York, Albany, Bronx

☆ More than 12 million Americans are spending at least half their entire paycheck on rent, Harvard study says
▼ + stars: | 2024-01-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Over 12 million Americans spent more than half their income on rent and utilities in 2022, a Harvard study says. The study, by Harvard's Joint Center for Housing Studies, found a sharp rise in people spending large portions of their pay on rent. AdvertisementAn estimated 12.1 million Americans are spending more than half their income on rent and utilities, a study from Harvard's Joint Center for Housing Studies says. A chart showing the rising number of renters spending more than 50% of their income on rent. AdvertisementAre you a renter who spends a significant portion of your income on rent who would like to share your story?

Persons: — Organizations: Harvard, Harvard's, for Housing Studies, Service, Census Bureau, Joint Center for Housing Studies, Center for Housing Studies of Harvard, Cea Weaver, Justice, New York Times

☆ A millennial who moved from California to Virginia after her monthly rent increased by $1,500 says the reason her generation can't afford to buy homes is because everything is too expensive
▼ + stars: | 2024-01-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFor a few years, Nicole was living the California dream. Literally, we can't afford a $1,500 a month increase in rent," Nicole, who works in advocacy, said. Median gross rent in Richmond was $1,192 in 2022, per the Census Bureau's American Community Survey, compared to $2,251 in Orange County, California. "Groceries are more expensive, gas is more expensive, rent is more expensive.

Persons: Nicole, hasn't, —, they'd, homebuyers, Noah Sheidlower, she'd, she's, it's, they'll Organizations: Service, Terner Center, Housing Innovation, UC Berkeley, Survey Locations: California, Virginia, San Diego, Orange County, Florida , Arizona, Texas, Florida, Richmond , Virginia, Richmond, Orange County , California

☆ Paying rent usually won't boost your credit score. Here's what renters need to know to make it count
▼ + stars: | 2024-01-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Luis Alvarez | Digitalvision | Getty ImagesWhile rent payments do not traditionally affect your credit, a growing number of so-called rent-reporting services are trying to change that. But these services don't all operate the same way, and some may have less value for renters. There are also services geared to landlords that offer rent reporting for tenants, including ClearNow, Esusu and PayYourRent. Landlords usually shoulder the cost of these programs, but there may be processing fees depending on how you make your rent payments. When rent payments are included in credit reports, consumers see an average increase of nearly 60 points to their credit score, according to a 2021 TransUnion report.

Persons: Luis Alvarez, —, Matt Schulz, Michael Sherman, Schulz Organizations: Digitalvision, Finance, Zillow, Zillow Group

☆ You can rent a Cybertruck on Turo — if you can cough up $1,000 a day
▼ + stars: | 2024-01-17 | by ( Nora Naughton | Alistair Barr | ) www.businessinsider.com time to read: +2 min

AdvertisementThe Tesla Cybertruck is starting to pop up on the vehicle rental app Turo. For about $1,000 a day, in either San Jose, California, or Austin, you can test drive early versions of the Cybertruck. Tesla Cybertruck listing on Turo Business InsiderIt's worth noting that off-roading is restricted by both Turo and the renter in this case. Photo of the Cyberbeast decal in a Turo listing for the Cybertruck Business InsiderThere has already been chatter among Cybertruck fans online about renting out Cybertrucks on Turo, with one posting their experience on TikTok earlier this month. Have you rented a Cybertruck or listed your own Cybertruck on Turo or through another service?

Persons: —, Tesla, Elon Musk Organizations: Service, Turo, Cybertruck Locations: San Jose , California, Austin, Texas, San Jose, San Francisco

Zillow's rent reporting is free for tenants who pay rent through Zillow. Tenants who currently use Zillow to pay rent can opt into rent reporting through their Renter Payments Dashboard. In order to pay rent through Zillow, your landlord must be enrolled and send you an invitation link. Once a tenant has opted in to rent reporting, Zillow will identify on-time rent payments — made within 30 days of the due date — and report them to Experian. Competition among the best rent reporting services is fierce, with many services offering features like utilities reporting, up to 24 months of retroactive rent reporting, and tri-bureau rent reporting.

Persons: —, Finance Insider's, Michael Sherman, Zillow doesn't Organizations: Service, Finance, Zillow Locations: Zillow

☆ I'm a Nashville local. It's expensive and overrun by tourists, but it's still the best city in the world.
▼ + stars: | 2024-01-15 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Bryan Clayton is a Tennessee native who moved to Nashville a decade ago to build his company. Michael Warren/Getty ImagesWhen I moved here, I'd go out on Broadway for the dive bars and live music. You could hear live music from the best musicians without the downsides of big cities, such as generic food and bar chains. People started coming from around the world to enjoy live music and sports without spending a fortune. AdvertisementAfter living in Nashville for a decade, I still believe it's the best city in the world for a weekend.

Persons: Bryan Clayton, it's, —, I've, tonks, It's, Michael Warren, I'd, haven't, we've, John Greim, wilder, I'm, Percy Warner, Percy Priest Lake Organizations: Service, It's, Uber, Broadway, Nashville, NHL's Predators, NFL's, People Locations: Tennessee, Nashville, Murfreesboro, Southern, Nashville , Tennessee, California, New York, Miami, Radnor, Atlanta, Barcelona

☆ Meet a millennial who moved from California to New Mexico after cycling through 35 roommates and a tiny home in the Bay Area
▼ + stars: | 2024-01-14 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

High housing costs in the Bay Area meant a tiny home with mold and a revolving door of roommates. AdvertisementFor Julia, 39, the straw that broke the camel's back was when she found out her tiny house was moldy. During her time in the Golden State, she went through what's come to characterize the millennial housing experience. AdvertisementRight before the pandemic, Julia felt ready to leave the city; she moved into a 250-square-foot tiny house in a former garage outside of San Francisco. "Here we were in a situation where all we could afford was a moldy tiny house that was making us sick.

Persons: Julia, —, it's, She's, we're Organizations: Service, Golden State, Business, millennials, Terner Center, Housing Innovation, UC Berkeley, Survey Locations: California, New Mexico, Bay, Golden, San Francisco, Santa Fe , New Mexico, pricier Santa Fe County

☆ For Some Young People, a College Degree Is Not Worth the Debt
▼ + stars: | 2024-01-13 | by ( Emily Withnall | ) www.nytimes.com time to read: +1 min

By researching Parent PLUS loans, I learned that the parent alone carries the debt, there are fewer forgiveness options than other federal student loans and the loans carry a current interest rate of 8.05 percent. So instead of taking out Parent PLUS loans, I secured a private loan with a much lower interest rate through my credit union. I did my best to alleviate their worries, but my own student loan debt wasn’t reassuring. Because of the combined costs of tuition and living expenses, some young people have opted to delay, drop out of or forgo attending college altogether to avoid student debt that could hang over them for decades. In addition, the share of students who left college without a degree rose to 40.4 million as of July 2021.

Persons: Alex Organizations: Parent

☆ Renters are being hit harder by inflation than homeowners are
▼ + stars: | 2024-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Renters and homeowners experience inflation differently; and right now, renters are taking a much more painful hit. While shelter inflation has come down over the past few months, in December, the shelter index was still 6.2% higher year over year. Inflation divide between renters and homeownersTwo things are driving the divide between how homeowners and renters experience inflation. And 64% of homeowners have a mortgage rate of 4% or lower — more than two and a half percentage points lower than prevailing rates. Even if the typical mortgage payment is higher than a typical monthly rent payment, renters’ incomes tend to be lower than homeowners.

Persons: “, Lisa Sturtevant, Danielle Hale, Realtor.com, ”, Hale Organizations: DC CNN, Bright MLS, Bank of America Institute, BLS, “ Locations: Washington

☆ So long, 'sad beige.' Millennials are ready to add some personality to their homes.
▼ + stars: | 2024-01-04 | by ( Maria Noyen | ) www.businessinsider.com time to read: +8 min

During that time, Parker's living space was a prime example of the "sad beige" aesthetic, she said. For Parker, "sad beige" is the opposite. "There's nothing wrong with 'sad beige,' but I think it was just kind of the forced conformity of it." She thinks millennials initially swayed toward "sad beige" because it was the opposite of the homes they grew up in. CreativaStudio/Getty ImagesBut, according to Moszczynski, millennials also played it safe with the "sad beige" trend because they were concerned about the resale value of their homes.

Persons: —, Rachel Parker, Hayley DeRoche, Parker, Chris, Josh Jessup, Matt Moss, Jessup, Z, Moss, They've, Alice Moszczynski, millennials, Moszczynski, Josh Jessup Jessup Organizations: Service, Wall Street Journal, Business Locations: Texas, Australian, Moszczynski

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ I've made $27K renting my clothes to strangers. Here's how I started this side hustle that takes 1 hour a day.
▼ + stars: | 2023-12-08 | by ( Pooja Shah | ) www.businessinsider.com time to read: +6 min

I was shocked at how many dresses she had for the wedding and asked her how she did it. She told me she rented them on a platform called By Rotation , a website where you can rent out clothes and accessories. Over the past 18 months, I have made over £21,392, or nearly $27,000, by renting on By Rotation and Hurr. AdvertisementI reinvest some of my rental earnings to buy more inventoryI reinvest some of my rental income by buying a couple of dresses a month, building my inventory. Make your wardrobe work for you, but don't rent out items with sentimental attachments on the rare chance they get damaged.

Persons: —, Jessica Templeton, Jess, It's, Templeton, Jess Templeton, I'm, I've Organizations: Service, Business Locations: Buckinghamshire, England, London

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