The 2015 report on rental housing from the Harvard Joint Center for Housing Studies has been released.
The report, America’s Rental Housing: Expanding Options for Diverse and Growing Demand, found that 43 million families and individuals live in rental housing, which is 9 million more households than 2005. The rise is the largest 10-year gain on record.
Renters continue to spend a larger portion of their income on rent. In 2014, 21.3 million renters were classified as cost burdened, meaning they spent more than 30% of their income on rent. In 2001, only 14.8 million individuals or families spent 30% or more on rent. Nearly 49% of renters are cost burdened, and 26% are categorized as severely cost burdened (paying more than half of income towards rent).
“More families are renting and too many of them are struggling as supply fails to meet demand and stagnant incomes fail to keep up with rising rents,” said Julia Stasch, President of the John D. and Catherine T. MacArthur Foundation, in a statement. “The affordability of rental housing is a critical national issue that deserves more attention and more action from policymakers."
Related Stories
Multifamily Housing | May 8, 2019
Multifamily visionary: AvalonBay’s relentless attention to detail
The nation's fourth-largest owner of apartments holds more than 85,000 apartments in 291 communities.
| Apr 28, 2019
New York Is NOT Most Expensive City for Apartment Sales Transactions
Data from Marcus & Millichap 2019 U.S. Multifamily Investment Forecast on Average Price/Dwelling Unit in apartment transactions.
Multifamily Housing | Apr 27, 2019
5 noteworthy multifamily developments
Special-needs housing in West Hollywood, Calif., and a warehouse-turned-apartments in the Twin Cities are among the notable multifamily projects to open recently.
| Apr 26, 2019
Organized Living Offers ‘Century Gray’ Product Finish for Multifamily Storage Systems
Organized Living releases new color option for apartment and condominium storage systems.
Multifamily Housing | Apr 23, 2019
Recharging Edison’s batteries
America’s greatest inventor would have appreciated this project team’s ingenuity and persistence.
Multifamily Housing | Apr 17, 2019
Multifamily real estate trends for 2019 and beyond
Boomers are on the move and Millennials are seeing upward mobility, but issues with affordability and housing product mix persist.
Multifamily Housing | Apr 16, 2019
Multifamily rentals are still alive and kickin’
Apartments are being built, and in goodly number. But not enough of it is affordable.
Multifamily Housing | Apr 12, 2019
NYC officials partner with nonprofit to build modular affordable housing
Thorobird and BACDYS partner with Brooklyn’s FullStack Modular on project.
Multifamily Housing | Apr 11, 2019
St. Augustine Terrace brings affordable housing to the Bronx
Magnusson Architecture + Planning designed the building.
Multifamily Housing | Apr 8, 2019
Priced to sell: DUMBO condo development offers starter units in luxury setting
Designed by ODA New York, 98 Front Street will be loaded with amenities like a salt water pool, co-working spaces, and indoor and outdoor fitness centers.
