Rental boom seen busting

Harvard Joint Center: “We’re finally seeing the record growth in renters slow down, but while the market has responded to rental housing needs for higher-income households, there are alarming trends that suggest a growing inability to supply housing that is affordable for middle- and working-class renters, let alone those with very low incomes.”

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A decade of unprecedented growth in the rental housing market may be coming to an end, according to the 2017 America’s Rental Housing report, released today by the Joint Center for Housing Studies of Harvard University.

Fewer new renter households are being formed, rental vacancy rates have risen, and rent increases have slowed, the report found. At the same time, renter demographics are changing and nearly 21 million households continue to pay more than 30% of their income for rent.

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