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The Rent Eats First: Rental Housing Unaffordability in the

Details: Read full Paper. Even before the COVID-19 pandemic, renters in the United States were facing a housing affordability crisis. Nearly a quarter of renter households were spending more than half of their incomes on rent each month, leaving little income to cover other expenses. This paper examines the housing affordability crisis using a residual

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Young Families and the Growing Number of New Single …

Details: However, comparing rental and homeowner costs is difficult, and doesn’t account for differences in up-front costs to purchase or rent a home. Instead, it may be more instructive to compare incomes. The median household income for homeowners in new single-family units was $114,000, fully 48 percent higher than the $77,000 median household

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RENTAL HOUSING SUPPLY

Details: rental stock in central cities than units in large multifamily buildings with 20 or more units. Nearly a quarter of single-family rentals are located in rural areas. Mobile homes make up just 4 percent of the total rental stock, and predomi- are nantly located in suburban and non-metropolitan areas.

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America's Rental Housing 2020

Details: As a result, rental vacancy rates in 135 metros held below 5.0 percent in the third quarter, including 45 where rates were under 3.0 percent. Only 15 markets had vacancy rates of 5.0 percent or higher (including Houston, Oklahoma City, and San Antonio). The increasing tightness of …

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The Rent Eats First

Details: The US is in a rental affordability crisis. During the Great Recession, renter incomes fell in real terms while rents continued their upward climb. The share of cost-burdened renter households spending more than 30 percent of their incomes on housing rose from 40.6 percent in 2001 to a peak of 50.7 percent in

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6 RENTAL HOUSING CHALLENGES

Details: households receiving rental assistance rose only 14 percent, from 4.2 million to 4.8 million. As a result, the share of very low-income households that receive rental assistance declined from 28 percent to 25 percent over this period. The growing gap between need and assistance is evident in the

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RENTAL HOUSING AFFORDABILITY

Details: rental properties. Potential mechanisms for addressing this problem include subsidizing investments in efficiency, man-dating standards for energy efficiency, and improving the transparency of energy efficiency and costs so that house-holds can apply that information in choosing a rental and landlords can better recover their costs.

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Winners & Losers: The Effect of Airbnb on New York …

Details: First, it integrates the long-term rental market and the short-term rental market, meaning an absentee owner can choose between the two markets, whichever yields greater profit. In equilibrium, a fraction of the housing units will be reallocated to Airbnb. Since housing supply is inelastic, such reallocation would raise prices for long-term

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The Impact of COVID-19 on Small Landlords in Albany …

Details: Small landlords’ most common property-level responses to rental non-payment have been to defer maintenance (20 percent) and put tenants on rental payment plans (30 percent). For about 5 to 10 percent of the properties I studied, small landlords took other steps including delaying property tax payments, imposing late fees, and evicting tenants.

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Spillovers and Subsidized Housing: The Impact of

Details: rental housing might affect surrounding neighborhoods. Unlike most of the existing research, which simply asks whether subsidized housing has a negative or positive impact, my aim is to explore the factors that shape the direction and size of the effect. For while recent research on

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Blog Joint Center for Housing Studies

Details: The Harvard Joint Center for Housing Studies advances understanding of housing issues and informs policy. Through its research, education, and public outreach programs, the Center helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities.

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JOINT CENTER FOR HOUSING STUDIES of Harvard …

Details: moderate-income rental housing, but a few programs sponsor ownership housing. The Nehemiah Program The Nehemiah Program was launched in the early 1980s by East Brooklyn Churches, a group of 36 churches in Brooklyn. The first house was completed in 1984; in total, nearly 3,000 homes have been built through the program. About 80 percent of these

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Inclusion through Homeownership

Details: average because most of the City’s housing stock consists of rental units. Today, New York City’s homeownership rate is essentially half the rate for the United States overall (31 percent versus 63 percent).1 New York City’s current homeownership rate is essentially the same as in 2000, but less than at the peak in 2006.

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Who Owns Rental Properties, and is it Changing

Details: Source: Rental Housing Finance Survey, 2015. Despite potential implications for both renters and the broader housing market, there have been relatively few studies assessing the impacts of changing ownership patterns for rental properties. However, some research suggest that the changes are more than just paperwork.

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1 EXECUTIVE SUMMARY

Details: Rental housing markets have seen an unprecedented run-up in . demand over the last decade, with growth in renter housholds aver-aging just under one million annually since 2010. But the surge in demand now appears to be ending, with the three major government surveys reporting a sharp slowdown in renter household growth to

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AMERICA’S RENTAL HOUSING

Details: Rental housing has always provided a broad choice of homes for people at all phases of life. The recent economic turmoil underscored the many advantages of renting and raised the barriers to homeownership, sparking a surge in demand that has buoyed rental markets across the country. But significant erosion in renter incomes over the past decade has

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RENTAL HOUSING AFFORDABILITY

Details: The divergence between rental housing costs and renter household incomes since the early 2000s is evident at all income levels. While lower-income renters the sharp- saw est drop in real incomes, higher-income renters faced the largest increases in housing costs. For example, the median household income for renters in the bottom quintile fell 9.9

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Assessing the Landscape of Corporate Ownership for Small

Details: The share of small (one-to-four unit) rental properties owned by corporate entities has grown steadily over the past several decades, rising from around 3 percent in 1990 to approximately 18 percent in 2018. To date, however, there has been little research into key questions about the types of entities that own the properties and where they are

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The Continuing Decline of Low-Cost Rentals Joint Center

Details: The decline in low-cost rental units has several potential causes. Some units were lost to the stock entirely, through demolition or conversion to other uses while others were sold to and occupied by homeowners. Still other units remained part of the rental stock but …

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3 RENTAL HOUSING STOCK

Details: rental property owners is important for designing policies that protect naturally occurring affordable units that may be at risk of either under-investment and deterioration or of upgrading and gentrification. In both cases, these units would be lost from the low-cost stock.

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Rental Market Likely Headed for a Slowdown Joint Center

Details: Rental Market Likely Headed for a Slowdown. While it is too early to know how COVID-19 will affect rental markets, early signs suggest another slowdown in demand is coming. Already, leasing activity is down at a time when new apartment completions are nearing a 30-year high. Cooling demand could soften rents at the high end of the market, but

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IMPROVING AMERICA’S HOUSING

Details: 2010 to $327 billion in 2019, while expenditures on the rental stock nearly doubled to $79 billion. Homeowner and rental property owner expenditures for improvements alone rose 6 percent annu-ally on average over the decade, more than twice as fast as outlays for maintenance and repairs. In 2019, homeowner improvements continued to account for

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Using Community Income Levels to Help Tenants Get

Details: If rental assistance is not provided before an eviction occurs, families face monumental consequences. Evictions are linked to job loss, homelessness, chronic illness, poor learning outcomes for children, and now death from COVID-19. Recognizing the impact of the delays on families, the Biden administration announced a major effort to speed up

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Estimating the Gap in Affordable and Available Rental

Details: Estimating the Gap in Affordable and Available Rental Units for Families. Whitney Airgood-Obrycki, Jennifer Molinsky. Read full Paper Housing is a central component of family life and can provide a foundation for family well-being. While we typically think of family households as homeowners, renters are more likely than homeowners to have

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What Do Runaway Home Prices Mean for the US

Details: That’s a lower percentage increase than even for the median rent of an actual rental unit. This result fails the common sense “smell test.” The OER approach may work adequately well in normal times, but it does not seem to be working properly under the stress of …

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America's Rental Housing: Evolving Markets and Needs

Details: Rental housing has always provided a broad choice of homes for people at all phases of life. The recent economic turmoil underscored the many advantages of renting and raised the barriers to homeownership, sparking a surge in demand that has buoyed rental markets across the country.

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Estimating the Gap in Affordable and Available Rental

Details: I. Family Rental Housing Challenges . Families face a variety of challenges in searching for appropriate rental housing, including tight supply of affordable units, difficulty identifying suitably-sized units, discrimination in housing searches, and issues associated with safety and quality. Unaffordable Housing

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In Pursuit of New Approaches to Solve the Rental

Details: However, in Stockton, nearly half of cost-burdened rental households had three or more people. The analyses also showed that cost burden problems were particularly large for Black households in all four cities and for Hispanic households in Austin and Rochester. In addition, not surprisingly, the analyses showed that the problem —and the need

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Rental Housing Joint Center for Housing Studies

Details: Rental housing is home to more than a third of US households, including a growing number of older and wealthier households. Our biennial America’s Rental Housing report and other publications analyze key trends and issues related to the changing nature of demand; the cost, character, and location of the stock; and the government policies that affect the supply of market-rate and …

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The Impact of the Pandemic on Landlords: Evidence from Two

Details: affordable rental housing that have been laid bare by the COVID-19 pandemic. We provide policymakers at all levels of government with the data and analysis they need to design, implement, and evaluate more equitable and effective rental housing and community development responses to pandemic and the ongoing rental housing affordability crisis.

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RenteR demogRapHIcs

Details: Rental housing serves a large and diverse population of nearly 39 million households. Although renting is most common among young adults, nearly everyone rents at some point in their lives—whether by choice or by necessity. But rental housing is particularly important for low-income and minority households, about half of whom are renters.

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RENTAL MARKET CONDITIONS

Details: rental properties. MOVING INTO BALANCE While the owner-occupied market only began to show clear signs of recovery in 2012, rental markets have steadily improved for several years. From a record high of 10.6 per-cent in 2009, the vacancy rate turned down in 2010 and has continued to slide, averaging 8.4 percent in the first three quarters of 2013.

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Do Rental Subsidies Provide Accessible Housing for Older

Details: Compared to older adults living in unassisted rental units, those living in assisted units are more likely to live in homes that have safety and accessibility features that make it easier to age in place, according to a Joint Center analysis of the 2016 National Health and Aging Trends Study (NHATS). Moreover, a greater share of those living in subsidized units receive help making and paying

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How Are Landlords Faring During the COVID-19 Pandemic

Details: a. Rental properties in communities of color were more likely to be moderately and severely behind on rent in 2020. b. Conditional on these rental payment rates, landlords were more likely to take punitive actions against these tenants in the form of late rental fees, evictions, and lack of rental forgiveness.

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The Extraordinary and Unexpected Pandemic Increase in

Details: This past December 23rd, the Federal Housing Finance Agency (FHFA) announced that, despite the severe pandemic-induced economic downturn, its index of house prices had risen a strong 10.2 percent in the 12 months leading up to October 2020, and 1.5 percent in just the single month of October – a per annum rate of an even higher 18 percent.

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New Paper Details the Dramatic Decline of Low-Cost Rentals

Details: A significant decline in low-cost rental units over the past three decades has exacerbated housing affordability pressures faced by low-income renters, according to a new working paper I co-authored with Elizabeth La Jeunesse, Daniel McCue, and Jonathan Spader.. Although the overall rental stock grew by 10.9 million units between 1990 and 2017, the number of units renting for less than …

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Rental Housing: Poised for a Return to Growth

Details: A Large Share of Rental Units are in Single Family Houses and Other Small Properties Share of Rental Units by Number of Units in Property, 2001 Single Family 28% 50+ Units 30% Condo 5% Manufactured Home 5% 2-4 Units 14% 5-49 Units 18% JOINT CENTER FOR HOUSING STUDIES Graduate School of Design | Harvard Kennedy School Harvard University

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Single-Family Rentals Have Risen to Nearly a Third of

Details: Indeed, rental housing is now more in demand than it has been for decades. While new construction of rental units has picked up in response to this demand, the majority of it has been served by conversions of existing units from owner- to renter-occupied, mostly from the …

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The Impact of COVID-19 on Small Landlords

Details: rental payment data came from 11 million rental units owned exclusively by large, professionally managed landlord organizations (National Multifamily Housing Council 2020). The HIP survey, on the other hand, provided a framework for understanding the pandemic’s impact on vulnerable landlord populations, but the

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The Impact of COVID-19 on Renters and Rental Markets

Details: The COVID-19 pandemic and resulting economic downturn have disproportionately affected renter households, particularly those that rely on wages from at-risk jobs. In this talk, Whitney Airgood-Obrycki, a research associate at the Center, will review some of the hardships that renters are facing and the effect the pandemic will likely have on

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Five Major Findings in the 2021 State of the Nation’s

Details: High-end urban rental markets took a hit in 2020. When office work shifted to home and restaurants and entertainment venues closed during the pandemic, apartment demand in central urban areas declined. Increased interest in homeownership also hit the high-end rental market during the pandemic as higher-income renters were most able to take

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New Report Shows America’s Rental Affordability Crisis

Details: New rental construction remains near the highest levels in three decades, with a growing share in larger buildings intended for the high end of the market. The share of newly-completed apartments in structures with 50 or more units increased steadily from 11 percent in the 1990s, to 27 percent in the 2000s, to 61 percent in 2018.

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Look Who’s Renting: The People Behind the Recent Surge in

Details: One of the major trends highlighted in the Joint Center’s recently released report America’s Rental Housing 2015 is the unprecedented growth in the number of renter households over the past 10 years. The numbers are dramatic no matter how you slice them, leading to an impressive list of facts: we’ve been adding nearly a million renter households a year for almost a decade; the number of

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Inclusionary and Incentive Zoning in the Six New England

Details: However, 14 New Hampshire municipalities require that rental units be affordable for those making 60 percent of AMI. For owner-occupied units, 14 jurisdictions in New Hampshire set the threshold at 100 percent of AMI, one sets it at 120 percent, and another puts it at 150 percent. In addition, four communities in Rhode Island also set the

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