Another 30 percent are using the opportunity to save money to purchase a home.
According to head of consumer research at Finer Graham Cooke, the rising cost of living is heavily impacting renters.
“Soaring living costs have left thousands of young adults struggling to make ends meet – with rate increases having a higher impact on renters than homeowners,” he said.
“Many are unable to juggle all their expenses and afford to live independently so they are moving back in with their parents.”
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