Affordable Housing, Community Development, Reports and Publications

Rental Market Demand, Rents & Vacancies Rising

 

The current rental market is recovering, with growing demand and rising rents, but also stubbornly high vacancies in some markets, according to an August 9 report from the Joint Center for Housing Studies at Harvard University.

In some areas of the country, growing demand and lagging supply of rental units is leading to reduced vacancies and increased prices, but long-term unemployment and lagging incomes are affecting rental units that are on the margins of financial viability, usually the lowest-rent properties. This pressure is resulting in failing maintenance and ultimately vacancy for many of these properties. According to the study, since 2004, as types of rental assistance changed from public housing to project based subsidies, 57% of assisted renters now pay over 30% of their income for housing and 31% pay over half their income.

For more information, click here to read the study.

 
 

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