Let’s Talk About Rent

The Rising Cost of Rental Housing in the U.S. Study

Laurie Goodman from the Urban Institute writes about the importance of and rising demand for rental housing in the U.S. Between now and 2030, there will be an unprecedented surge in demand for rental housing, which will disproportionately impact housing affordability and availability among low-income, minority households and communities. These are the households that have the least access to mortgage credit, effectively locking them out of homeownership. In the coming weeks, Urban’s Housing Finance Policy Center will publish essays that focus on multifamily issues and on access and affordability. As previously reported in Community Developments, the Urban Institute has released the first of these essays, authored by Ethan Handelman and Shekar Narasimhan. (Urban Institute, May 10)

 

Rental Rates in the South

The Federal Reserve Bank of Atlanta has released a new paper showing that median rents rose 23.4 percent in the South between Q4 2012 and Q4 2015. As a result of rising rent prices, an increasing number of households are cost-burdened and severely cost-burdened – spending more than 30 percent and 50 percent of income on rent, respectively. The percentage of severely cost-burdened households with incomes below $35,000 reached 80 percent in 2014 in eight cities in the Southeast: Atlanta, Birmingham, Jacksonville, Memphis, Miami, Nashville, Orlando and Tampa. (Federal Reserve Bank of Atlanta, May 10)

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