Renters Turn to 'Rent Now, Pay Later' Services Amid Rising Housing Costs
In response to rising housing costs, many renters in the U.S. are turning to 'rent now, pay later' services to manage their monthly payments. These services, such as Flex and Livble, allow renters to split their rent into multiple payments throughout the month. Flex charges a monthly subscription fee and a percentage of the rent, which can lead to significant additional costs. Kellen Johnson, a user of Flex, paid over $33 monthly for the service. These services are particularly appealing to lower-income renters and gig-economy workers with unpredictable incomes. However, consumer advocates warn that these services often function like short-term loans, with high effective interest rates that can exacerbate financial strain. 
