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Will there be apartments or some sort of renting mechanic? I like rags to riches and it would be nice if I didn't have to start off in a 300k house.
From the bottom of the official blog:
Can you live without owning a house?
Yes! We are currently exploring ways to enable creative play around living without a house. We understand that the "rags to riches" playstyle is important to many, so we're looking at ways to support it. For example, tourists to town spend their nights at a hotel and have all they need to satisfy their Needs!
Also, from near the top:
How is money managed in the game? Will money be pooled if or per individual?
Right now it's managed at an individual level. Characters can freely transfer money and items between each other via a "Trade" interaction.
(Edit: So you can have roommates (that’s in lots of their videos) and split the payments on the house.)

That section of the blog isn’t very current, but reading it will still help answer your questions. ;)

2nd edit: autocorrect fail :p
 
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Characters owning property also have to pay some sort of property tax. Stands to reason that if this is in the game that those that don't don't have to. So there seems to be some faint separation between land owners and others already ;)

However, right now, as far as I can see, everything is lot-based. You can't really do separate units or anything. FAQ above talks about hotel rooms, but it's not like everyone's got their own room. Rather that they have access to the hotel lot and every room inside it ^^
 
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