The present is the most challenging time in 50 years for renting affordable and adequate housing. Historically low homeownership rates, the rising number of renters fueled by demographic and cultural shifts, increasing rents, a dearth of supply, growing construction costs, high levels of unemployment and underemployment and stagnant have all converged to a critical point.
Over 50 percent of American renters are now rent-burdened, up from approximately 40 percent in in 2000, according to the U.S Census Bureau’s American Community Survey 2000-2011. The U.S. Department of Housing and Urban Development (HUD) defines a rental unit affordable if the gross rent, comprised of rent and tenant-paid utilities, equals no more than 30 percent of the household’s income.
Read more...Hurting for Housing | The Balance Sheet - Yardi Corporate Blog
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.