According to Harvard’s Joint Center for Housing Studies latest report, America’s Rental Housing 2024, climbing rents in recent years propelled US cost burdens to staggering new heights. They say that in 2022, half of all US renters were cost burdened – an all-time high. In addition, they say that while rental markets are finally cooling, evictions have risen, the country is seeing the highest homelessness counts on record, and the need for rental assistance is greater than ever. They also point out that aging rental stock requires significant investment to address structural inadequacies, inaccessibility, and climate risks.
Their key points:
- Rental Markets Cool After Overheating During the Pandemic
- Unaffordability Reaches New Heights
- US Continues to Lose Low-Rent Units and Rents Significantly Outpace Incomes
- Record Number of People Are Experiencing Homelessness
- Rental Stock Is Aging, and Needs Investments in Energy Efficiency and Climate Risk Mitigation
- Need for Rental Assistance Is Greater Than Ever