Rental housing, especially multi-family housing has become more important as homeownership rates have declined in the current housing crisis, according to a new report from Shipman and Goodwin. Since 2008, homeownership rates have declined so that 2.5 million households nationwide have been added to the rental market.
While credit for financing homes has become harder to obtain, the report cites several factors that have made it easier to get financing to purchase multi-family rental housing, including provisions in the Dodd-Frank Act, new Connecticut laws and a changing attitude in towns across the state towards zoning for density.
The report highlights that while rental is currently home to families who would otherwise, in a better economy, be purchasing their first home, it still remains vitally important for low- and middle-income households.
Click here to read the report.