Renters are spending more of their monthly incomes on housing than ever before. A major need exists for new rental buildings with affordable apartments. And though newly built rental units surged in 2012, rental completions remain below average annual levels over the previous decade.
These are among findings of the 2013 America’s Rental Housing study, released today, by Harvard University’s Joint Center for Housing Studies (JCHS). The release event at Washington, D.C.’s Newseum was headlined by Secretary of Housing and Urban Development’s Shaun Donovan.
One finding of the study is that the rental burden has never been higher. Half of renters spend more than 30 percent of their monthly income on housing.
Read more...Renters Face Affordable Housing Crisis, Harvard Housing Study Reports | Multi-Housing News Online