America's Rental Housing 2017

TL;DR

The rental housing market in America is facing challenges in meeting the growing demand for affordable housing, with high rental costs and record levels of cost burden among renters. There is a need for innovative means of supplying rental housing for low and moderate income households.

Transcript

all right good afternoon everyone I'm Chris Herbert I'm the managing director of Harvard's Joint Center for Housing Studies and it's my pleasure to welcome all of you here in Washington and all of those watching at home on the web to the release of our latest report America's rental housing 2017 2017 you can find the report on our website and you c... Read More

Key Insights

• 😘 The rental housing market is facing challenges in meeting the growing demand for affordable housing, particularly for low and moderate-income households.
• 🇦🇪 The supply of new rental housing has been concentrated among higher-cost units, while lower-cost units have seen a decline.
• 🇨🇷 Rental costs have been outpacing inflation, leading to a significant number of renters experiencing housing cost burdens.
• 🪡 There is a need for increased supply of affordable rental housing and preservation of existing housing programs, along with policy reforms to simplify regulations and promote affordability.

Questions & Answers

Q: What are the key challenges facing the rental housing market in America?

The market is struggling to supply moderate-cost rentals and many renters are paying excessive shares of their income for housing. This creates a lack of affordable options and leads to cost burdens for many households.

Q: What are the key trends in the rental housing market?

There has been a surge in demand for rental housing, leading to a strong supply response. However, new construction has been concentrated among higher-cost units, while lower-cost units have seen a decline. Rental costs have been outpacing inflation, leading to housing cost burdens for many renters.

Q: What are the implications for policy and practice in the rental housing sector?

Policy and practice need to focus on increasing the supply of affordable rental housing, preserving existing housing programs, and reforming regulations to simplify and streamline the process. There is a need for collaboration between government, private sector, and advocacy groups to address the challenges in the rental housing market.

Q: How can local communities and organizations contribute to addressing the challenges in the rental housing market?

Local communities and organizations can play a significant role in increasing the supply of affordable rental housing by advocating for policy changes, working with developers and landlords to create affordable options, and providing support services for renters in need.

Summary & Key Takeaways

• The rental housing market has experienced a surge in demand, leading to a strong supply response. However, the market is struggling to supply moderate cost rentals and many renters are still paying excessive shares of their income for housing.

• The rental housing stock is diverse, with single-family homes making up the largest share, followed by large multifamily buildings. New construction has been concentrated among higher-cost units, while lower-cost units have seen a decline.

• Rental costs have been outpacing inflation, leading to a significant number of renters experiencing housing cost burdens. This is especially true for low and moderate-income households.

• There is a need for increased supply of affordable rental housing, as well as preservation and reform of existing housing programs.