Affordable Housing, Community Development, Reports and Publications

Rental Demand Surges Past Construction

Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA)
 

As a result of the Great Recession, six millions potential homeowners became renters or completely left the housing market. A new report entitled Diverted Homeowners, the Rental Crisis and Foregone Household Formation explores this and other factors that have led to the affordability crisis in rental market.

Although rental housing construction doubled from 2010 to 2012 and increased by a third from 2012 to 2014, it could not keep pace with the growing demand due to limited investments resulting from the financial crisis.

The crowding of the rental market has led to historic spikes in rental prices. The authors argue that increased construction of multifamily units would provide relief for renters in the upcoming decade. The report was issued by the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA).

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