Despite slowing demand and strong new construction, vacancy rates are at decades-long lows.   This has pushed rents up faster than incomes, leading to a rise in cost-burdened renters, especially among middle-income households.  The shift in renter demographics shows an increase in high-income renters and a decline in low-cost rental units.  New construction is focused on high-end rentals, driven by rising development costs and high land prices.  Affordability challenges persist, with a significant number of renters spending more than 30% of their income on housing.  The report calls for a comprehensive response from all levels of government to address the rental affordability crisis.

America’s Rental Housing 2020 | Joint Center for Housing Studies (harvard.edu)