Rental Market Stresses: Impacts of the Great Recession on Affordability and Multifamily Lending

Brief

Rental Market Stresses: Impacts of the Great Recession on Affordability and Multifamily Lending

Abstract

Analysis of the conditions of rental markets in the wake of the Great Recession reveals a troubling forecast for multifamily properties and the households that inhabit them. Despite increasing rental vacancies since the beginning of the housing bust, the number of low and extremely low income renters swelled, resulting in notable increases in households paying over acceptable levels on rent. Further, even as the rental property climate improves in some metropolitan areas, tenuous rental income and increases in operating costs will expose marginally viable properties to increased financial risks. For renters, this amounts to deteriorating physical conditions and a lower supply of decent, affordable housing. From What Works Collaborative, a partnership of academia and policy think tanks including the Urban Institute.

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