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Housing Rents Soften While Number of Households Facing Unaffordability Hits All-Time High, According to Annual Harvard Report

Thursday, January 25, 2024 - 9:57AM

Growth in housing rentals slowed in 2023 after record-breaking increases in 2021 and 2022 while rental unaffordability increased by 2 million households during the last three years, according to a report by the Joint Center for Housing Studies of Harvard University released today. The America’s Rental Housing 2024 report saw apartment rents drop year over year in nearly one-third of the 150 markets tracked. Simultaneously, a record-high 22.4 million Americans spent more than 30% of their income on rent and utilities. The report also indicated a record-high number of people experiencing homelessness.

Hear more about the state of affordable housing at the Novogradac 2024 Affordable Housing Conference May 2-3 at the Grand Hyatt in San Francisco.

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