The Affordable Rental Housing Crisis Is Only Getting Worse
Donna Kimura shares news of "The State of the Nation’s Housing" report released earlier this week by the Joint Center for Housing Studies of Harvard University. The takeaway from the report: "The lower end of the rental housing market continues to lose ground," writes Kimura.
Modestly priced rental units available for under $800 declined by 261,000 between 2005 and 2015, with most of the loss occurring at the lowest rent levels. At the other end, the number of units renting for $2,000 or more surged by 1.5 million.
The shift in the rental stock toward the high end of the market is also clear from the 32% rise in real median asking rents since 2000, says the report.
The result of that shrinking supply of affordably priced rental units: more than 11 million renter households are using more than half of their incomes for housing.
The article delves into more of the report's findings and discusses some of the looming policy threats that could further impact the rental housing market.