At 87, he can’t afford his rent without a roommate. He’s far from alone.

As rent costs continue to rise in New York City, 87-year-old Alan Ferber has found creative ways to afford his living situation. Sharing a fourth-floor walk-up apartment with his roommate, 69-year-old Daniel Yafet, has become a necessity for both men.

Splitting the $2,000 monthly rent for a 500-square-foot apartment has alleviated some of the financial burdens for Ferber and Yafet. “It’s gone insanely crazy,” Ferber remarked about the escalating rent costs in the city.

The roommates were connected through the New York Foundation for Senior Citizens, a nonprofit organization that helps match seniors looking to share housing costs. While the foundation initially focused on providing companionship, the main priority for most participants now is affordability.

More than 1 million Americans over the age of 65 lived with unrelated roommates in 2024, a 16% increase from 2019, according to the Harvard Joint Center for Housing Studies. This trend is driven by the growing financial strain faced by seniors, coupled with increased costs for basic necessities.

According to a recent study from loan marketplace LendingTree, rent for a one-bedroom apartment in the 50 largest U.S. cities climbed by an average of 41% between 2020 and 2025. New York City saw the largest monthly rental increase, rising by $854 for a one-bedroom unit over the past five years.

With the average American worker having less than $1,000 saved for retirement, financial security is a major concern for seniors like Ferber and Yafet. Ferber mentioned that working part-time at Costco helps supplement his income, while Yafet believes that having a roommate is a beneficial trade-off.

As the cost of living continues to rise, more seniors are turning to shared housing arrangements to make ends meet. Organizations like the New York Foundation for Senior Citizens play a crucial role in facilitating these matches and providing a sense of community for older adults.